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Govʼt to support SME job creation with HUF 5 bln

From Monday small and medium-sized enterprises can apply for HUF 5 billion of government funding to help create high value-added jobs, Minister of Finance Mihály Varga told state news wire MTI.

The government-funded initiative aims to strengthen the competitiveness and productivity of SMEs by helping them to introduce new technologies and improve the skills of their employees.

The program helps the creation of high value-added jobs through supporting capacity expansions and investing in technological improvements.

SMEs can apply for between HUF 10 million and HUF 150 mln of funding, but in less developed areas the eligible amount is HUF 200 mln. The support is non-repayable and can cover 50% of an investment project.

Companies awarded funding must agree to keep their headcount at least stable, to raise wages by a minimum 10% for three years and offer training to their employees.