The Murphy Administration is continuing its efforts to increase manufacturing programs in New Jersey.
The New Jersey Manufacturing Voucher Program (MVP), developed in 2022 as a pilot program to provide manufacturers vouchers to purchase equipment needed to improve operations and upgrade businesses, is receiving more funding.
Gov. Phil Murphy noted that $20 million in additional funding was allocated in the Fiscal Year 2024 budget to strengthen the MVP, which is administered by the New Jersey Economic Development Authority (NJEDA). With the additional funding, the program has $53 million available at its disposal.
Strengthen U.S. Supply Chain
“New Jersey’s manufacturers are critical to our economy and nation’s supply chain,” said Murphy. “The Manufacturing Voucher Program is a proven success, and this additional funding will help even more businesses modernize and become more efficient and profitable.”
The allocation earned the rare commendation of a leading critic of the governor: State Sen. Michael Testa (R-1), who applaud Murphy for making a “profound investment” to support the growth of the New Jersey’s manufacturing industry. “This additional funding will bolster our economy by ensuring that manufacturers will have access to necessary resources,” Testa said.
Helping New Jersey Businesses to Compete
The MVP program offers vouchers valued at 30% to 50% of the cost of eligible equipment, including installation, up to a maximum award amount of $250,000.
It targets specific industries in the for-profit and not-for-profit industries and offers additional bonuses for manufacturing businesses owned by women, minorities, and veterans, as well.
“Throughout Governor Murphy’s tenure, New Jersey has prioritized strategies that support and bolster our manufacturing sector by ensuring companies have the resources and capital needed to continue making products used by consumers domestically and abroad,” said NJEDA Chief Executive Officer Tim Sullivan.
Phase II Coming
NJEDA has awarded 189 vouchers across New Jersey totaling $23.4 million thus far, and continues to process applications daily.
The new funding will be used to fulfill applications that were submitted after the program was already oversubscribed. The agency is saying it will launch Phase II of the program in coming months.
“The success of New Jersey’s manufacturing industry is a testament to our collective commitment to support policies that encourage growth, competition and innovation,” said Testa.
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