Economic Resilience Fund provides vital support to large engineering business
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, Economy Minister Ken Skates has announced.
MII Engineering Limited in Caerphilly supports a diverse range of industries, including steel, power, food production 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 Limited 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 yesterday 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.
Minister for Economy, Transport and North Wales Ken Skates, yesterday said:
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 be good-quality, thriving businesses when coronavirus is over.
MII Engineering Limited is taking steps to do exactly that and I am delighted we were able to provide them with this vital funding.
We remain committed to doing all we can to support firms like MII and help see our economy back to pre-pandemic levels of growth.
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