More than 11,000 businesses take out recovery microloans

Banking

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More than 11,000 businesses have taken out interest-free microloans the government launched in the spring to aid the economic recovery, the Hungarian Development Bank (MFB) said on Tuesday, according to a report by Hungarian news agency MTI.

The average loan contract was for HUF 8,740,000, MFB said.

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

MFB said the microloan scheme will end on November 30, 2021, as originally planned. It added that, from October, modifications to the scheme allow businesses to take out two of the microloans.

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