Eligibility for recovery microloans expanded to suppliers 

Banking

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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.

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