Engineering firm gets more than £400k grant funding
Business, News | Rhys Williams | Published: 15:26, Thursday July 9th, 2020.
Last updated: 15:26, Thursday July 9th, 2020
A Bedwas-based engineering company has been given a grant of more than £400k to help it deal with the impacts of the coronavirus pandemic.
MII Engineering Limited, which is based on Pantglas Industrial Estate, will use the £417k funding to improve safety measures for staff and to help protect the company’s future.
It is also hoped the funding will help protect jobs.
The firm, which employs 417 people, has received the grant as part of Welsh Government’s Economic Resilience Fund (ERF).
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.”
The ERF has so far provided more than £230m to 8,200 businesses across Wales to help support them during the coronavirus pandemic.
Welsh Government’s economy minister, Ken Skates, announced the funding for MII on Wednesday (July 8).
Mr Skates 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 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.”
He added: “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.
“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.”
Caerphilly’s Senedd Member, Hefin David, welcomed the announcement and said: “This grant funding will help to protect hundreds of jobs at MII Engineering by implementing a safe working environment at this major private sector employer in my constituency.
“This is much needed targeted support to protect jobs at a particularly challenging and uncertain time.”
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