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Banks disburse HUF 408 bln in loans through Funding for Growth Scheme

Telco

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Banks have so far disbursed HUF 408.2 bln in loans to SMEs using cheap credit available in the second phase of the National Bank of Hungary's (MNB) Funding for Growth Scheme, fresh data released by the central bank show.

The data is for outlays between October of last year, when phase II was launched, and November 28. Contracts signed under phase II totaled HUF 508.8 bln. The credit went to 11,960 businesses.

The central bank launched phase II of the scheme with an initial volume of HUF 500 bln. It raised the credit to HUF 1 trillion a year later, in September. When it launched the phase, MNB said that it could raise the amount available to as much as HUF 2 trillion.

The MNB made HUF 750 bln in refinancing available to banks, which lent a total of HUF 710 bln to SMEs in the first phase of the scheme from June to September 2013.

Under the scheme, MNB provides zero-interest refinancing to banks, which they can lend to SMEs at an APR not exceeding 2.5%.

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