The New Jersey Manufacturers Voucher Program (“MVP”) which was Announced by NJ Governor Murphy’s office on October 17, 2022, aims to provide the state’s manufacturers with funding to access the equipment they need to grow operations, increase profits and enter emerging industries.
The $20 million pilot program offers NJ manufacturers grants ranging from 30% to 50% of the cost of eligible equipment, including installation, up to a maximum award amount of $250,000 per company. The program will provide higher award percentages for small businesses and added bonuses for certain qualified businesses including certified woman-, minority-, and veteran-owned businesses (WMVB), Opportunity Zones businesses or purchased from a New Jersey-based manufacturer.
It will also provide higher award percentages for small businesses with fewer than 100 full-time equivalent employees.
Businesses will be awarded on a first come first serve basis, with additional qualifying criteria that includes:
- Applicant must be in a targeted industry
- Equipment (new or used) must be located and installed at a New Jersey location, and must be used in the manufacturing process
- Applicant must provide a purchase quote, order proforma, and/or an equipment listing, and must obtain a tax clearance certificate
- Aggregated project cost, including equipment and installation, must be at least $25,000
While for profit and not-for-profit corporations are eligible for an MVP grant, home-based businesses are not.
The program will be run by the NJEDA. Applications must be submitted prior to commitments such as a signed contract, purchase order, or purchase deposit. Applications are expected to be available online by the end of 2022 and will be accepted on a rolling basis and remain open until all funds are committed.
Questions? Reach out to a Wiss team member for more information or assistance.