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Banks disburse HUF 538 bln of loans in phase II of Funding for Growth Scheme

MNB

Not sharp!

Net of repayments, banks disbursed HUF 537.6 bln of loans by April 30 to small and medium-size enterprises (SMEs) in the second phase of the National Bank of Hungaryʼs (MNB) Funding for Growth Scheme (FGS), the MNB said today.

The credit went to 16,675 businesses. Contracts signed under phase II totaled HUF 693.6 bln by the end of April.

Including the first phase of the scheme, in June-September 2013, contracts signed under the FGS came to almost HUF 1,400 bln, the central bank said.

Under the FGS, The MNB provides zero-interest refinancing to banks which they can lend to SMEs at an APR not exceeding 2.5%.

The central bank launched phase II of the scheme in October 2013 for an initial volume of HUF 500 bln which it raised to HUF 1,000 bln in September 2014.


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