Contracts signed under phase II with 24,249 businesses amounted to HUF 1.183 trillion at the end of November.

Including the first phase of the scheme, in June-September 2013, financing under the FGS reached approximately HUF 1.9 tln, the central bank said. The credit went to about 28,000 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 tln in September 2014.

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