Close to HUF 98 bln of MFB recovery microloans approved

Banking

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Close to HUF 98 billion of Hungarian Development Bank (MFB) interest-free microloans the government launched in the spring to aid the economic recovery have been approved, the lender said, responding to a query by state news wire MTI.

Applications for the scheme were accepted at MFB Points at select branches of Takarékbank, Budapest Bank, OTP Bank, MKB Band, and Gránit Bank from March 8 until November 30, 2021.

Over 11,000 applications for the credit were submitted, MFB said.

MFB has already disbursed close to HUF 84 bln of the credit to around 9,500 applicants. 

The average loan size is HUF 8.8 million, close to the HUF 10 mln credit cap.

Around 93% of the credit is financing inventory, payroll, and working capital.

The 10-year loans have a three-year grace period.

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