NJMVP to offer grants for new equipment, tech
NJMVP to offer grants for new equipment, tech
At Raw Generation in Eatontown Oct. 17, Gov. Phil Murphy announced a new pilot program that will provide grants to Garden State manufacturers to purchase equipment to help increase their capabilities and improve their operations.
“We are proud to raise the curtain on the brand-new New Jersey Manufacturing Voucher Program, or NJMVP, a $20 million investment through the state budget aimed at growing and supporting New Jersey’s manufacturers and creating good-paying jobs along the way,” said Murphy.
The program will provide grants to New Jersey manufacturers in targeted industries, covering up to 50% of the costs of purchasing new equipment or technology, ranging from $7,500 to $250,000.
“Manufacturers play a critical role in the supply chain, creating the products that people rely on here in New Jersey and around the world,” said Murphy. “By facilitating the purchase of equipment manufacturers need, this program will help businesses become more efficient, productive, and profitable. Supporting our manufacturers will promote economic development and ultimately benefit our state’s broader business community as a whole.”
NJMVP will offer stackable bonuses for certified woman-, minority-, or veteran-owned businesses, as well as businesses in Opportunity Zones and those purchasing manufacturing equipment in New Jersey, in addition to bonuses for companies that have a collective bargaining agreement in place.
It will also provide higher award percentages for small businesses with fewer than 100 full-time equivalent employees.
To be eligible, applicants must meet several criteria, including:
Murphy, who was joined by several officials, local leaders and stakeholders, highlighted the success of Raw Generation, which manufactures and sells 100% plant-based juices and smoothies.
“This is a true unique Jersey success story that sells all over the United States and it’s direct to consumer,” said Murphy.
He noted that manufacturing is crucial part of the state’s economy.
“From Paterson’s textile mills to Campbell Soup and RCA in Camden to the former automotive plants in Central Jersey and in countless other places in between, manufacturing has always been part of New Jersey’s economic DNA,” Murphy explained.
“Manufacturing is critical to New Jersey’s economy for the goods and services it contributes to the global economy, and for the skilled jobs it creates,” said New Jersey Economic Development Authority Chief Executive Officer Tim Sullivan. “The MVP will help companies keep pace with the latest equipment developments and make capital available that can be used for growth opportunities.”
“New Jersey’s manufacturing industry has a long history as a premier provider of quality jobs and superior products distributed throughout the tri-state area, the nation, and the globe,” said New Jersey Department of Labor and Workforce Development Commissioner Robert Asaro-Angelo. “Through NJ MVP, our partners in manufacturing will have the support needed to procure the latest in technology and materials, attract and develop innovative talent, and continue up the path of growth and success.”
“We’re marking these investments because, quite simply, there is absolutely nothing that should be holding New Jersey back from once again being a manufacturing powerhouse,” Murphy continued. “New Jersey became a manufacturing powerhouse in the first place because we have a second-to-none location, a second-to-none workforce, and a second-to-none transportation infrastructure all tailormade for getting goods to the market. These are advantages that we must lean into again.”
New Jersey Manufacturing Extension Program (NJMEP) Chief Executive Officer John Kennedy applauded the announcement.
“New Jersey has been a manufacturing leader in our country since colonial times. We lost our way a bit, but have found it over the last few years, and that is a product of Gov. Murphy, legislators, and the industry all working together,” Kennedy explained. “The new NJ Manufacturing Voucher Program is one such tool that will provide direct support to our manufacturing firms as they strive for growth and automation on their way to attaining the next level of Industry 4.0 – a huge step in the right direction for our state.”
Kennedy conceded that his sector does not always market itself well, but the pandemic, which strained and frayed supply chains, reiterated just how critical the industry is to daily life.
“It took something like the pandemic, and it took something like these supply chain issues to have us actually come to the forefront,” said Kennedy. “And damnit, we did.”
Officials say more details on the program will be made available in the coming months and were hopeful it would be operational by the end of the year.-