Applications expected to open in early 2025
TRENTON, N.J. Yesterday, the New Jersey Economic Development Authority(NJEDA) Board approved Phase III of the Manufacturing Voucher Program (MVP), dedicating an additional $10 million to support manufacturers access to new equipment. To date, the NJEDA has committed nearly $50 million to over 325 manufacturers under MVP.
An informational webinar will be held later this Fall and applications for MVP III are expected to open in early 2025.
“Governor Phil Murphy has prioritized growing and strengthening New Jersey’s manufacturing sector, leading to the creation of thousands of new, good-paying jobs in the industry since 2018,” said NJEDA Chief Executive Officer Tim Sullivan. “Manufacturers across the Garden State play a critical role in the nation’s supply chain, and they must have access to the resources needed to keep their business moving forward. This next phase of MVP will allow manufacturers to purchase essential equipment, which will enhance efficiency, productivity, and overall profitability in New Jersey.”
MVP Phase III will provide vouchers valued at 30 to 50 percent of the cost of eligible equipment, including installation, up to a maximum award amount of $250,000. The program will target the State’s priority sectors that will purchase manufacturing equipment and non-targeted manufacturers that will purchase equipment that integrate advanced or innovative technologies, processes, and materials to improve the manufacturing of products.
To ensure equitable access to funding, during the initial two-week application period, Phase III applications will be prioritized for new applicants who have not previously been awarded MVP grants. Following this two-week period, all eligible businesses will have the opportunity to apply should there be funding available.
“We at the New Jersey Manufacturing Extension Program (NJMEP) fully support the NJEDA’s Manufacturing Voucher Program (MVP) and are excited about the upcoming release of MVP 3,” said NJMEP CEO Peter Connolly. “The first two rounds of the program were resounding successes for New Jersey manufacturers, providing nearly $50 million in capital funding to support crucial equipment purchases for small-medium sized manufacturers. This program has been a game-changer for our manufacturing community, and NJMEP stands behind the NJEDA as they continue to empower and advance New Jersey’s manufacturing sector through this vital initiative.”
In line with Governor Murphy’s vision to create the most diverse and inclusive innovation ecosystem in the nation, the New Jersey MVP offers stackable bonuses for certified woman-, minority-, or veteran-owned businesses. In addition, there are bonuses for businesses in Opportunity Zones, that have an active collective bargaining agreement, companies with 50 or less full-time equivalent employees, and businesses purchasing their equipment from a New Jersey manufacturer.
Governor Murphy announced the MVP in October 2022 as a pilot program. With today’s approval, the program has been funded with over $63 million since it was first launched.
About the NJEDA
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.
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