On Monday, October 17, Governor Phil Murphy announced the creation of the New Jersey Manufacturing Voucher Program (MVP) which will provide New Jersey manufacturers grants to purchase equipment to improve their operations. The New Jersey Economic Development Authority (NJEDA) will develop and administer the pilot program which will be funded with $20 million from the FY2023 budget.
The program is targeted toward manufacturers within specific industries who will utilize the funds to purchase equipment to integrate advanced technologies, processes, and materials for the purposes of improving the manufacturing of their products. MVP grants will be valued as 30-50% of the cost of eligible equipment, including installation, with a maximum award of $250,000.
The program will offer stackable bonuses for certified woman-, minority-, or veteran-owned businesses, businesses in Opportunity Zones, and companies that utilize collective-bargaining agreements.
For-profit and not-for-profit organizations are eligible to apply. Applicants must meet several criteria, including being classified as a targeted industry, having a project cost minimum of at least $25,000, and good standing with the NJ Department of Labor and Workforce Development, NJ Department of Environmental Protection, and the NJ Division of Taxation. Further details about the program will be made available in the coming months. Applications will be accepted on a rolling basis. For more information visit www.njeda.com or www.nj.gov.