Welsh Government says grant scheme has protected 100,000 jobs

Welsh Government has said it’s protected more than 100,000 jobs in Wales during the coronavirus pandemic through its Economic Resilience Fund (ERF).

The ERF was set up by Welsh Government in April, and has since distributed £300m among 13,000 companies.

One business to have received funding from the scheme is MII Engineering Limited, which is based on Pantglas Industrial Estate in Bedwas.

Welsh Government’s Economy Minister, Ken Skates, said: “We are committed to supporting businesses through this incredibly challenging time.

“That’s why we worked quickly to develop and deliver this unique fund for Wales which has provided a much needed lifeline to more than 13,000 companies here.

“That support has helped to safeguard more than 100,000 jobs in companies across Wales. That’s 100,000 people whose careers and livelihoods might otherwise have been at risk.

Mr Skates added: “We re-examined our budgets and made some tough decisions to establish the ERF, but these figures clearly show the enormous difference it’s made.”

The minister also announced further support for businesses through ‘more flexible’ borrowing terms from the Development Bank of Wales’ Flexible Investment Fund.

The Development Bank will be able to extend the loan period for some companies by up to 15 years, while the investment limit will be doubled from £5m to £10m.

Mr Skates said: “These changes are another example of how we are listening and responding to business need.

“They will offer businesses increased flexibility, meaning they can access more financial support and having longer to repay, which we know is welcome at this challenging time.

“The Welsh Government has helped thousands of companies through these dark days and we will continue to back business with a proactive and responsive support package.

“I hope to be able to announce more details of these plans later this month.”