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The New Jersey Economic Development Authority (NJEDA) announced recently that the third phase of the Manufacturing Voucher Program (MVP) has been approved. This phase will make an additional $10 million available to manufacturers to support their capital purchase needs.
The MVP is part of New Jersey’s larger effort to stimulate economic growth through innovation and investment in key industries. Phase III builds on the success of previous phases to assist targeted and non-targeted entities within the manufacturing sector with opportunities for business growth and enhancement. With a push for increased digital transformation in the industry, the MVP program provides a cost-effective way for manufacturers to make this transformation.
Similar to previous phases, eligible manufacturers must meet the following criteria:
- Be in good standing with the State of New Jersey and be registered to do business in the state.
- Be a manufacturer in a targeted industry, or the equipment being considered must meet the definition of advanced manufacturing. Targeted industries include:
- Advanced manufacturing
- High technology
- Life Sciences
- Aviation
- Non-retail food and beverage
- Advanced transportation and logistics
- Autonomous vehicle research or development
- Information technology industry (excluding IT service providers, web design services, or IT used in other industries to support general business operations)
- Hemp processing
- Clean energy
Manufacturers in non-targeted industries will be considered if the equipment being purchased meets the definition of advanced manufacturing. This is defined as equipment that will integrate advanced or innovative technologies, processes, and materials to improve the manufacturing of products. Examples include additive manufacturing technologies, robotics, and computer-aided manufacturing.
Phase III vouchers will be valued between 30 and 50 percent of eligible equipment costs, including installation, up to a maximum award of $250,000. Stackable bonuses will be offered for certified woman-, minority-, or veteran-owned businesses, as well as bonuses for businesses located in Opportunity Zones, that have an active collective bargaining agreement, that have 50 or fewer full-time equivalent employees, or who are purchasing equipment from a New Jersey manufacturer.
Applications are expected to be available in early 2025. Applicants who have not previously been awarded funding will be prioritized during the first two weeks of the application period.
For additional information or support regarding the NJEDA Manufacturing Voucher Program, please contact the NJEDA call center at 844-965-1125 or a member of HBK Manufacturing Solutions at 330-758-8613 or manufacturing@hbkcpa.com.
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