HUF 130 bln Jeremie funding for local SMEs

Initiatives

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Almost HUF 130 billion in venture capital has been distributed among more than 350 Hungarian businesses within the framework of the European Unionʼs Jeremie initiative, business daily Vilaggázdaság reported today, based on data from the Ministry for National Economy.

The Jeremie initiative was established by the European Union to provide EU structural funds for financing SMEs. The program, which stands for the Joint European Resources for Micro to Medium Enterprises, was launched in 2009, Vilaggázdaság noted. 

Although the deadline for using the funds, of which 65% came from Brussels, was the end of 2015, an extension period of five months meant that the funds could be used for longer, the paper added.

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