NJ manufacturing program approves more than $8M in vouchers

Listen to this article

The New Jersey Economic Development Authority (NJEDA) announced May 4 it has already approved more than $8 million in vouchers to 69 manufacturers as part of the New Jersey Manufacturing Voucher Program (MVP).

As NJBIZ has reported, the initiative was announced as a pilot in October 2022 with $20 million originally allocated from the Fiscal Year 2023 budget to fund it. But, robust demand led the NJEDA’s board to vote in March to increase funding to $33.75 million.

The governor’s FY 2024 budget proposal calls for another $20 million for the program.

NJEDA Chief Executive Officer Tim Sullivan announced the awarded vouchers during Thursday’s 8th Annual State-of-the-State Manufacturing Summit, hosted in Trenton by the New Jersey Manufacturing Extension Program (NJMEP). The event brings together manufacturers with industry leaders, policymakers, other stakeholders, and more for a day of discussion and networking about manufacturing.

“New Jersey’s manufacturing sector continues to be a strategic component of our state’s economy, by creating essential products for people and businesses and creating skilled jobs,” said Sullivan. “Under Gov. [Phil] Murphy’s leadership, the New Jersey Manufacturing Voucher Program is providing manufacturers with the support they need to drive economic activity, boost our supply chain, and ensure New Jersey’s strong economic future.”

Under New Jersey MVP, approved awardees can use the vouchers to purchase equipment to help New Jersey manufacturers grow their business. The program offers vouchers valued at 30 to 50% of the cost of eligible equipment, including installation, up to a maximum award of $250,000. It focuses on manufacturers within targeted industries that will use the purchased equipment to integrate innovative technologies, processes, and materials to improve the efficiency and productivity of their business.

The program also offers stackable bonuses for certified woman-, minority-, or veteran-owned businesses; businesses in opportunity zones; and businesses purchasing equipment within New Jersey, as well as those that have a collective bargaining agreement in place and small companies with fewer than 100 full-time equivalent employees.

The application process is now closed. NJEDA says it will continue to review submitted applications with additional approvals expected in the coming month.