A new state-backed fund in New Jersey will offer manufacturers grants to upgrade their factory equipment.
The $20 million pilot program will focus on helping manufacturers working across 16 targeted industries to integrate advanced or innovative technologies, processes, and materials, according to a press release. Industries include those stipulated by the New Jersey Economic Recovery Act of 2020, such as advanced logistics, aviation, clean energy and life sciences.
"By facilitating the purchase of equipment manufacturers need, this program will help these businesses become more efficient, productive, and profitable," New Jersey Governor Phil Murphy said in a statement. "Supporting our manufacturers will promote economic development and ultimately benefit our state’s broader business community as a whole.”
Grants will be valued at 30% to 50% of the cost of eligible equipment, with a maximum award of $250,000. Stackable 5% bonuses will also be offered to women-, minority- and veteran-owned businesses. The bonuses are also available to businesses located in the state's designated "opportunity zones" for economic development and those with a collective bargaining agreement.
The program, run by the New Jersey Economic Development Authority, will fund projects such as industrial IoT, additive manufacturing and digital twins, according to a state memo regarding the program.
"The New Jersey Manufacturing Voucher Program will be an essential resource for manufacturers who are struggling to purchase the needed equipment for their day-to-day operations," state Senator Linda Greenstein said in a statement. "Through establishing this program, our hope is that New Jersey can continue to have a thriving manufacturing sector as businesses continue to recoup the losses caused by the pandemic.”
Applications will be available in the coming months, according to the release.