Swansea-based Mono Equipment has received £108,000 from the Welsh Government as part of the Economic Resilience Fund (ERF).
The ERF, which is part of the government’s £1.7 billion support package for businesses, will help the bakery equipment manufacturer sustain jobs and protect against the impact of Covid-19.
At the height of the pandemic, turnover at Mono reduced by more than 60%, said the firm, and whilst it has seen a steady recovery, revenue remains below the normal operating level.
“With the aid of the support received, we have been able to retain the vast majority of our workforce. Without government aid, this would not have been possible. Mono now looks forward to confidence returning in its core UK market and overseas in its growing export markets,” said Andrew Jones, managing director at Mono Equipment.
The business – which supplies both UK and international customers including Marks and Spencer, Sainsbury’s, Greggs, and US-based chain Dunkin’ Donuts – has previously received a range of export support from the Welsh government to develop new international markets, it added.
“I am delighted we have been able to provide them with the critical support they needed, at precisely the time when they needed it most which in turn enabled them to protect local jobs,” added Ken Skates, minister for economy and transport.
The ERF is currently providing thousands of companies across Wales with financial support, while complementing the help provided by the UK government.
To date, more than 12,500 businesses have received financial support worth more than £280 million and the fund is known to have helped protect more than 75,000 Welsh jobs.