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Businesses use HUF 356 bln of phase III FGS credit

MNB

So far this year, some 9,666 Hungarian microbusinesses and SMEs have tapped a total of HUF 356 billion in cheap credit available in the third and final phase of the Funding for Growth Scheme (FGS) of the National Bank of Hungary (MNB), the central bank said yesterday, according to Hungarian news agency MTI.

About HUF 268 bln of the financing, available from the start of this year, was in forints, while HUF 88 bln was denominated in foreign currency. 

Around 73% of outlays were for investment loans and 27% for lease contracts.

Net credit outlays, calculated after repayments and not including unfinished disbursements, stood at HUF 275.1 bln at the start of December.

Since the schemeʼs launch three years ago, more than 36,530 businesses have availed themselves of HUF 2.482 trillion of financing.

Financing caps in the final phase of the scheme are HUF 400 bln for forint loans and HUF 300 bln for FX credit.

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

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