MNB launches FGS GO credit program

MNB

Image by Jessica Fejos

The National Bank of Hungary (MNB) has published the product brochure of the new "Funding for Growth Scheme Go" (FGS Go), launching the credit program under a decision taken by the Monetary Council on April 7, state news wire MTI reports citing a statement posted on MNBʼs website.

Image by Jessica Fejos

The scheme makes HUF 1.5 trillion available to micro-, small and medium-sized businesses from April 20 through credit institutions and financial businesses at a fixed interest rate of a maximum 2.5%, available on a wider scale than before, helping SMEs to overcome the economic effects of the coronavirus.

The maximum tenor of the loans is set at 20 years. In a further easing of terms compared to previous phases of the FGS, it will be possible to draw down loans within three years from the signing of the contract, MNB said.

The minimum loan amount is reduced to HUF 1 million and the maximum loan amount per one SME is HUF 20 billion.

Financial institutions must assess loan applications within two weeks from the availability of the necessary information, MNB said.

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