Eligibility for recovery microloans expanded to suppliers
Image by Shutterstock.com
Eligibility for interest-free microloans the government has launched to aid the economic recovery has been expanded to suppliers to businesses hard hit by the pandemic, the Hungarian Development Bank (MFB) said on Tuesday, according to a report by state news wire MTI.
MFB launched the microloans, between HUF 1 million and HUF 10 million, for businesses in sectors such as catering, tourism and retail, most impacted by pandemic restrictions, in March. The 10-year loans have a three-year grace period.
Eligibility for the credit is now being expanded to businesses in other sectors that can show they still took a hit last year because of falling orders in more vulnerable parts of the economy. The credit is limited to suppliers with annual revenue of no more than HUF 100 million and headcount up to 25 that can show a decline in turnover of at least 30% in 2020.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.