The NJEDA program called New Jersey Manufacturing Voucher Program can be an excellent opportunity for businesses in the manufacturing industry that are planning on investing in equipment. The program will accept applications on February 12th, 2024. For more details on the program, read below or go to the link at the bottom.
“… The New Jersey Manufacturing Voucher Program is a $20,000,000 pilot grant program to assist New Jersey manufacturers with accessing the manufacturing equipment they need to become more efficient, productive, and profitable. The pilot program will provide grants for a portion of eligible equipment costs, up to a maximum award amount of $250,000 per manufacturer.
Please note: Applicants must be seeking assistance for a project they are actively contemplating but have yet to commit to. Projects where a contract has been signed, a Purchase Order placed, a deposit made in advance or previously purchased equipment prior to an Approved NJ MVP application, will not be eligible for this program.
New Jersey Manufacturing Voucher Program (NJ MVP) will provide reimbursement equipment grants sized at 30% – 50% of the cost of the eligible equipment (including installation) up to a maximum award amount of $250,000. The program will target the State’s manufacturers within targeted industries that will purchase equipment that integrate advanced or innovative technologies, processes, and materials to improve the manufacturing of products. The program will also offer bonuses focused on certified woman, minority, veteran owned businesses (WMVB), opportunity zones, purchasing manufacturing equipment in New Jersey as well as bonuses for companies that has a collective bargaining agreement in place. NJ MVP is also committed to supporting small businesses by awarding manufacturers with under 100 Full Time Equivalents employees (FTE) higher award percentages. Applications will be accepted on a rolling basis and remain open until all funds are committed.
As a commitment and in support of the Authority’s Diversity, Equity, and Inclusion efforts, the NJ MVP – New Jersey Manufacturers Voucher Program supports projects that are in distressed areas and under-represented ownership groups. In particular, the NJ MVP will award bonuses to those applicants for each of the following areas:
Stackable 5% Bonuses Available for each of the following
- Equipment is installed in a location within an Opportunity Zone Eligible Census Tract
- Certified Woman, Minority, and Veteran Owned Businesses (WMVB)
- At least one Collective Bargaining Agreement in place
- Manufacturers with fifty (50) or less FTE’s
Stackable 10% Bonuses Available for the following
- Purchase equipment from a New Jersey Manufacturer. (Equipment must be manufactured and/or assembled in NJ)”