Banks disburse HUF 684 bln of loans in phase II of Funding for Growth Scheme

Net of repayments, banks disbursed HUF 684.1 bln in loans as of August 28 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 20,737 businesses totaled HUF 947.2 bln by the end of August.

Including the first phase of the scheme, in June-September 2013, financing under the FGS came to about HUF 1.650 bln, the central bank said. The credit went to about 25,000 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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