Twice as many farmers apply for cheap loans

MNB

The number of farmers applying to the Funding Growth Scheme launched by the National Bank of Hungary (MNB) has more than doubled since last year, Hungarian daily Magyar Nemzet reported today.

The scheme allows SME’s to benefit from zero-per cent loans. In 2014, 34 % of the applicants are farmers, a significant rise from last year when they only accounted for 15% of the beneficiaries, said András Hercegh of the Farm Loan Guarantee Foundation.

The first phase of the Funding Growth Scheme started in 2013, with the central bank lending a total of HUF 750 bln to SMEs. The central bank has granted an initial HUF 500 bln for the second phase, which runs until the end of the year.

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