Last week Gov. Murphy announced a pilot program called NJ Manufacturers Voucher Program (NJMVP) that will provide a total of $20 million in grants to manufacturers in targeted industries to use toward updating their equipment.
The grants will be sized at 30 percent to half the cost of the eligible equipment, including installation. They will be reserved for equipment purchased by manufacturers that integrate advanced or innovative technologies, processes and materials to improve the manufacturing of products.
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:
• be in a targeted industry;
• equipment must be located and installed at a New Jersey location and must be used in the manufacturing process;
• must provide a purchase quote, order proforma, and/or equipment listing, and must obtain a tax clearance certificate; and
• the project cost must be at least $25,000.
This program will be run by the NJEDA. The NJEDA website page for the application portal, currently under development is njeda.com/njmvp