National Economy Ministry offers HUF 3 billion more to Hungarian SMEs

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State Secretary of the National Economy Ministry Sándor Czomba today announced that a further HUF 3 billion would be allocated to Hungarian SMEs. The government put forth HUF 10 billion to SMEs in a February tender designed to stimulate job creation and retention.

In response to the tender, the ministry received upward of HUF 22 billion in claims and thus decided to expand the pool of grants. In determining the dispersal of this additional HUF 3 billion, the ministry will refer back to previously-made claims from applicants this year.

Eight hundred twenty-two applicants were awarded funding from the initial HUF 10 billion outlay, and Czomba figures those funded will create 6,500 new jobs in Hungary. As stated in the terms of the tender, any job created must be maintained as a paid position for a minimum of two years.

Entries from SMEs seeking to invest and employ in Hungary’s more disadvantaged regions were given preference in the decision process, with Szabolcs-Szatmár-Bereg, Heves, Baranja and Borsod-Abaúj-Zemplén counties ultimately awarded the most funding from the initial tender.

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