MFB to launch HUF 70 bln SME credit program

Initiatives

The state-owned Hungarian Development Bank (MFB) is launching a HUF 70 billion refinancing facility to provide funding for small and medium-sized enterprises (SMEs) that are unable to obtain credit from commercial lenders due to their age or size.

SMEs can apply for loans of between HUF 1 million and HUF 100 mln as part of the program, the MFB told national news agency MTI.

The MFB launched a refinancing facility in 2017 as a pilot project for micro, small and medium-sized (non-farm) businesses that are unable to obtain credit under market conditions for some reason (higher risk, lower loan amount requested) or can only obtain funding under unfavorable terms.

The initiative, closed on March 30, 2018, was very well received and so the MFB decided to launch a new credit product based on the pilot program, the bank said.

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