Banks disbursed about HUF 700 billion to some 10,000 small and medium-size businesses under the National Bank of Hungary (MNB)’s new ʼFunding for Growth Scheme Go!ʼ (FGS Go!) program launched late April by October 4, MNB deputy governor Mihály Patai announced, according to a report by state news wire MTI.
Under FGS Go!, the MNB made HUF 1.5 trillion available to micro-, small and medium-sized businesses through credit institutions and financial businesses at a fixed interest rate of a maximum 2.5% in the spring. Credit is available on a wider scale than before in the new version of the scheme, helping SMEs to overcome the economic effects of the coronavirus. The MNB further eased the conditions in July.
The loans granted under FGS Go! have brought total credit disbursed under the FGS since its launch in 2013 to HUF 4tln, helping 50,000 businesses, Patai said.