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Businesses apply for HUF 36 bln of recovery microloans

Banking

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So far, more than 4,500 microbusinesses and SMEs have applied for HUF 36 billion in interest-free microloans the government has launched to aid the economic recovery, the Hungarian Development Bank (MFB) said on Tuesday, according to a report by state news wire MTI.

The interest-free loans are available to businesses in sectors hit hard by the pandemic for amounts of between HUF 1 million and HUF 10 mln. The 10-year loans have a three-year grace period.

MFB said the average loan application is for HUF 9 mln. Most of the applications have come from companies in the catering, tourism, and retail sectors, it added.

The credit is available at Hungarian Development Bank MFB Points at select branches of Takarékbank, Budapest Bank, OTP Bank, MKB Bank, and Gránit Bank.

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