Unanue, 40, is vying for a chance to take on Democratic Sen. Frank Lautenberg, 84. He said he is "ready to spend and raise as much as it takes" to win the GOP nomination, The (Newark, N.J.) Star-Ledger reported Tuesday.

"We feel between what I put in and what I raise will be more than enough to win this campaign," Unanue said.

He declined to put a dollar figure on either his personal wealth or how much he is willing to spend on the race, the newspaper reported.

Unanue is president of AU & Associates, a management and financial consulting firm. Hispanic Business magazine estimated his family's wealth at $475 million. They founded Goya Foods.

Republican State Chairman Tom Wilson said "there is a lot of excitement" among Republicans about Unanue's candidacy.

Also vying for the Republican nomination are state Sen. Joseph Pennacchio, 52, and college professor Murray Sabrin, 61.