2 minute read
Welsh Government grant funding protects hundreds of jobs
The Welsh Government’s bespoke Economic Resilience Fund (ERF) has provided vital support to a key engineering business to help it deal with the impacts of the coronavirus pandemic.
MII Engineering in Caerphilly supports a diverse range of industries, including steel, power, food and rail. The company is a significant employer in the area and the £417,000 grant funding it has received from the ERF will help protect hundreds of jobs.
The ERF, which is part of the Welsh Government’s £1.7bn support package for business, is providing significant financial support to companies across Wales and complements the support provided by the UK Government. To date, it has provided more than 8,200 businesses with financial support worth more than £230m.
MII Engineering is using the funding to implement a safe working environment for staff and to help protect the company’s future.
Matthew Moody, finance director at MII, said: “Coronavirus has generated significant challenges for us and our customers. We have been working hard to keep our teams effectively employed, while providing a safe environment. Coupled with a reduced order intake, this has had a major cost impact on our working capital. This funding from the Welsh Government will help to ensure we are in a good position to support customers old and new when the economy recovers.”
Ken Skates, minister for economy, transport and North Wales, added: “Since the start of the pandemic, we have worked hard in Wales to reprioritise our budgets and repurpose funding wherever we can to make sure financial support is available where it is needed most – and quickly. Our package of support goes above and beyond what is available elsewhere in the UK, and I am proud the Economic Resilience Fund is helping thousands of businesses deal with immediate issues critical to their survival and to safeguard jobs.
“Our efforts to help support a wide range and high volume of businesses are working. Of all the UK nations, Wales has the highest percentage of businesses entering applications for coronavirus support. These remain incredibly challenging economic times, but throughout this crisis I have said I want good quality, thriving businesses to continue to be good quality, thriving businesses when coronavirus is over.”