As the Senate chairwoman of the Legislature’s Workforce Committee, I have had the opportunity to hear from many entrepreneurs who work every day to drive Maine’s economy forward. I have also been privileged to hear from researchers conducting groundbreaking studies across the state. The message has been loud and clear: Investment in our innovators will lead directly to commercialization and job creation to bolster Maine’s economic recovery.

Maine has the opportunity to jumpstart business growth through an economic development bond to support entrepreneurship and jobs of the future. Smart investments in our innovation economy are crucial for our state’s prosperity. Last week, the Workforce Committee responded by proposing a $73 million bond package to support small business growth, as well as create jobs in microbiology, marine resources and technology.

The bond package takes a multi-pronged approach to growing Maine’s economy. By addressing the needs of small businesses, microbiology and technology centers, plus our agricultural and marine resources, we can be sure that Maine is in a position to succeed.

Small businesses are the backbone of Maine’s economy. This bond package will provide critical funding to increase access to capital for small businesses through the Financing Authority of Maine. Businesses have repeatedly told us this is one way we can help our entrepreneurs to grow Maine’s economy. The bond package includes $20 million for these investments.  

If we are serious about helping our economy work for more people, we need to figure out how to provide easier access to the tools that will help businesses succeed.

Although these investments will help the businesses that are already here in Maine grow and create jobs, we also need to plan for the next industry. For example, Jackson Laboratories and the Mount Desert Island Biological Laboratory in Bar Harbor are positioned to put Maine on the map when it comes to scientific breakthroughs in microbiology and medical research.

That is why the bond package contains $15 million for Jackson Laboratories for a new biometric analysis lab, which will be matched by $16 million in private and public contributions. This will make the state a global center for medical research and development.

Another $5 million would go to MDIBL, to be matched by $10 million in private and public funds to increase biotechnology workforce training from 350 to 500 students per year, and to create a drug discovery and development facility. Perhaps Maine will be the site of the next big medical breakthrough or the newest miracle drug.

Finally, the bond package includes $15 million to create jobs in the marine economy to increase the capacity and sustainability of the industry, plus $8 million for a lab at the University of Maine Cooperative Extension to assist farmers and foresters and to improve plant, animal and human health.

Maine has a long history of fishermen, farmers and foresters caring for and harvesting our natural resources. If we take the necessary steps to sustain these industries, we can continue that proud tradition and keep the jobs that rely so heavily on the health of the land and sea.

The industrious and innovative spirit of Maine’s people is alive and well, and Maine will have a bright future if we can work together to increase access to the programs that can grow our economy.

— Sen. Linda Valentino is a Democrat who represents the communities of Senate District 5: Buxton, Dayton, Old Orchard Beach, Saco and part of Biddeford. Her column appears on the second Monday of each month.