Program offers grants of up to $250,000 to enable purchases of equipment to improve productivity and efficiency.
TRENTON, N.J. (December 13, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced it will begin accepting pre-qualification applications for the New Jersey Manufacturing Voucher Program (MVP) on Thursday, December 15 at 10:00 a.m. Funded at $20 million, the New Jersey MVP will provide grants to support the purchase of equipment to help manufacturers improve their operations.
A link to the pre-qualification application will be posted at https://www.njeda.com/njmvp/ at 10:00 a.m. on Thursday morning and will remain open on until December 22 at 11:59 p.m. Pre-qualification applications will be reviewed on a rolling basis, NOT first-come, first-served. Interested manufacturers must pre-qualify to access the full application that will be made available at a later date. Applicants must complete the full application to be considered for grant funding.
The New Jersey MVP will focus on New Jersey manufacturers within targeted industries that will purchase equipment to integrate advanced or innovative technologies, processes, and materials to improve the manufacturing of their products. The MVP will offer grants valued at 30 to 50 percent of the cost of eligible equipment, including installation, up to a maximum award amount of $250,000.
The program will offer stackable bonuses for certified woman-, minority-, or veteran-owned businesses, businesses in Opportunity Zones, and businesses purchasing manufacturing equipment in New Jersey, as well as 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 (FTE) employees.
The NJEDA held an information session about the New Jersey MVP, which included details of the application process and a pre-qualification checklist. A link to that recording can be found at https://www.njeda.com/njmvp/.
Both for-profit and not-for-profit companies are eligible, not including home-based businesses. Only applications for future purchases will be considered. Therefore, interested applicants should not purchase equipment prior to submitting the full application at a future date. Projects where a contract has been signed, a purchase order has been placed, or a deposit has been made in advance of submitting an MVP application will not be considered for funding.
Complete eligibility criteria can be found at http://www.njeda.com/njmvp.
Article Courtesy of the NJEDA