Banks disburse HUF 705.9 bln of loans in phase II of Funding for Growth Scheme

MNB

Net of repayments, banks disbursed HUF 705.9 bln of loans by October 2 to small and medium-size 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 21,875 businesses totaled HUF 1,014.1 bln by the start of October.

Including the first phase of the scheme, in June-September 2013, financing under the FGS came to about HUF 1,715 bln, the central bank said. The credit went to about 26,000 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 1,000 bln in September 2014.

In September unused funds from the HUF 500 bln Funding for Growth Scheme+ (FGS+) programme were reallocated to the original FGS scheme.

ADVERTISEMENT

Real Estate Companies, Consumers Augur Cooling Home Market Analysis

Real Estate Companies, Consumers Augur Cooling Home Market

MPs Approve Tax Changes Parliament

MPs Approve Tax Changes

Veeva Systems Relocates Budapest Office to Roseville Office Market

Veeva Systems Relocates Budapest Office to Roseville

Countries Exchange Experiences for Better Production of Catt... Conferences

Countries Exchange Experiences for Better Production of Catt...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.