The New Jersey Economic Development Authority (NJEDA) has announced that applications for the Manufacturing Voucher Program (MVP) Phase III will open on February 19, 2025, at 10:00 a.m. This initiative is designed to assist manufacturers in acquiring and installing equipment to improve efficiency and productivity.
The MVP Phase III offers vouchers covering 30 to 50 percent of the cost of eligible equipment, including installation, with a maximum award limit of $250,000. This financial support aims to provide New Jersey manufacturers access to vital equipment necessary for enhancing efficiency and profitability within the state.
In an effort to ensure fair distribution of funds, priority during the initial two-week application period will be given to new applicants who have not received grants in Phases I or II. After this period, all qualifying businesses may apply for funding as long as resources are available.
"WHAT: MVP Phase III will provide vouchers valued at 30 to 50 percent of the cost of eligible equipment," stated NJEDA in their announcement. "WHO: To ensure equitable access to funding, Phase III applications will be prioritized for new applicants."
This program represents NJEDA's ongoing commitment to supporting local manufacturers by facilitating improvements in operational capabilities through strategic financial assistance.
