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Small businesses tap HUF 125 bln of MNBʼs cheap credit

Telco

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So far this year, some 4,600 Hungarian microbusinesses and SMEs have tapped about HUF 125 bln in cheap credit available in the third and final phase of the National Bank of Hungaryʼs (MNB) Funding for Growth Scheme, which is intended to help small businesses, MNB announced, according to MTI.

About HUF 101 bln of the financing, available from the start of this year, was in forints and HUF 24 bln was denominated in foreign currency, MTI reported.

Since the schemeʼs launch three years ago, more than 33,000 businesses have availed of HUF 2,251 bln of financing. 

Financing caps in the final phase of the scheme are HUF 400 bln for forint loans and HUF 300 bln for FX ones. 

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

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