NJEDA Announces Launch Dates for Manufacturing Voucher Program Phase II
What is the Manufacturing Voucher Program?
The New Jersey Economic Development Authority (NJEDA) has unveiled crucial dates for the upcoming second phase of the Manufacturing Voucher Program (MVP). This initiative aims to assist New Jersey manufacturers in acquiring new equipment through vouchers valued at 30% to 50% of the eligible equipment’s cost, with installation costs covered, up to a maximum award of $250,000. Learn more about the NJMVP in this in-depth article we wrote last year.
MVP serves as a vital resource for New Jersey manufacturers, enabling them to access essential equipment that enhances efficiency, productivity, and overall profitability. The program features stackable bonuses for woman-, minority-, or veteran-owned enterprises, businesses in Opportunity Zones, those purchasing equipment within New Jersey, manufacturers with collective bargaining agreements, and companies with 50 or fewer full-time equivalent employees.
Key Dates and Deadlines
Set to offer $20 million in grant funding, MVP Phase II introduces a rolling application process opening on February 12 at 10 a.m. In order to provide better insights and details, the NJEDA will host a no-cost informational webinar on February 8 at 2 p.m. You can find those webinar details here.
Back By Popular Demand
Thanks to the program’s positive reception and due to popular demand, the MVP received increased funding for Phase II. NJEDA CEO Tim Sullivan recently spoke with NJBIZ, who emphasized the program’s significance after the success of the initial round. Sullivan highlighted that the program, a matching initiative, goes beyond offering free money, requiring businesses to contribute their own funds.
“We will end up making awards to a little more than 250 manufacturers, which is a lot. That’s a sizable voucher program. It’s a matching program. We are helping businesses invest in themselves. It’s not just giving away free money,” Sullivan told NJBIZ, noting that Phase I benefitted manufacturers in all of New Jersey’s 21 counties.
“There is subsidy. There is grant money. But businesses have to match that with their own funds,” Sullivan added. “And really helping manufacturers retool and get ready for whatever’s next in their industry—we think is a really prudent investment. That’s why Governor Murphy continued to fund it in last year’s budget, which means we can do a second round of applications—and hopefully fund another crop of projects there. So, we are really excited about that.”
With a focus on helping manufacturers retool and prepare for industry advancements, MVP has proven to be a valuable investment, securing continued funding in the state budget for another round of applications.
THE Manufacturing Resource
As small to medium-sized manufacturers look to programs like the NJMVP to help them stay competitive, it’s important to know they can still count on their local MEPs. The NJMEP team brings decades-worth of experience when helping businesses navigate the complexities of programs like the MVP, and our no-cost assessment is here for your manufacturing business to help uncover hidden value within your facility where a program like MVP would be beneficial in funding your expansion of technical or equipment capabilities. In the meantime, it’s important to keep abreast of any updates and monitor the impact this program update will have on your business, your operations, and your customers.
Interested in learning more about the Manufacturing Voucher Program? Connect with an expert, today!
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