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Banks disburse HUF 647 bln in loans in phase II of Funding for Growth Scheme

MNB

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Net of repayments, banks disbursed HUF 646.5 bln in loans by July 31 to small- and medium-sized enterprises (SMEs) in the second phase of the National Bank of Hungaryʼs (MNB) Funding for Growth Scheme (FGS), fresh data released by the central bank show.

Contracts signed under phase II, with 19,454 businesses, amounted to HUF 825.8 bln by the end of July.

Including the first phase of the scheme, financing under the FGS in June-September 2013 reached approximately HUF 1.530 trillion, the central bank said. The credit went to about 24,200 businesses.

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 trillion in September 2014.

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