During its monthly meeting Sept. 11, the New Jersey Economic Development Authority (NJEDA) approved a $10 million Phase III of the Manufacturing Voucher Program (MVP).

MVP provides vouchers for New Jersey manufacturers to defray the costs of new equipment, which integrates advanced or innovative technologies, processes and materials to improve the manufacturing of products. The vouchers cover 30%-50% of the cost of eligible equipment, up to a maximum award amount of $250,000.

Since launching as a pilot program in 2022, MVP has been funded with more than $63 million. To date, the NJEDA has committed nearly $50 million to over 325 manufacturers to date.

NJEDA Chief Executive Officer Tim Sullivan noted the Murphy administration’s focus on growing and strengthening the manufacturing sector. He pointed to the creation of thousands of new manufacturing jobs since 2018.

“Manufacturers across the Garden State play a critical role in the nation’s supply chain, and they must have access to the resources needed to keep their business moving forward,” said Sullivan. “This next phase of MVP will allow manufacturers to purchase essential equipment, which will enhance efficiency, productivity, and overall profitability in New Jersey.”

The third iteration of MVP was applauded by the New Jersey Manufacturing Extension Program (NJMEP).

“We at the NJMEP fully support the NJEDA’s Manufacturing Voucher Program and are excited about the upcoming release of MVP 3,” said Peter Connolly, NJMEP CEO. “The first two rounds of the program were resounding successes for New Jersey manufacturers – providing nearly $50 million in capital funding to support crucial equipment purchases for small-medium sized manufacturers.”

Some provisions and details of MVP 3 include:

• Applications expect to open in early 2025
• An information webinar will take place later this fall
• The initial two-week application period will prioritize applicants who have not previously received MVP grants; all eligible businesses will have the opportunity to apply following that period (should there be funding available)
• Offers stackable bonuses for certified woman-, minority-, or veteran-owned businesses – as well as bonuses for businesses in Opportunity Zones; that have an active collective bargaining agreement; companies with 50 or less full-time equivalent employees; and businesses purchasing their equipment from a New Jersey manufacturer

Connolly described the program as a game-changer for the state’s manufacturing community.

“And NJMEP stands behind the NJEDA as they continue to empower and advance New Jersey’s manufacturing sector through this vital initiative,” said Connolly.