Phase III of the Manufacturing Voucher Program was approved this week by the New Jersey Economic Development Authority board, 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.
“Gov. 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,” NJEDA CEO Tim Sullivan said. “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 30-50% of the cost of eligible equipment, including installation, up to a maximum award amount of $250,000.
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 fully support the NJEDA’s Manufacturing Voucher Program, and are excited about the upcoming release of MVP 3,” NJMEP CEO Peter Connolly said. “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 to 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.”
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.
