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MFB loan program for small businesses raised to HUF 70 bln

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The state-owned Hungarian Development Bank (MFB) announced Wednesday that the government has decided to raise the amount of interest-free credit available to microbusinesses and SMEs under its loan program to boost competitiveness from HUF 44 bln to HUF 70 bln, Hungarian news agency MTI reported today.

The MFB launched the program in May and has received applications for more than HUF 34 bln in financing.

About 23% of applications have come from manufacturers. Companies in commerce accounted for 20% of applications, construction companies for 12%, and commercial accommodation and catering companies for 8%.

The applications are for less than HUF 150 mln on average, the MFB noted.

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