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Govʼt earmarks HUF 1.5 bln in credit support for tourism SMEs

Hungaryʼs government has allocated HUF 1.5 billion in subsidies to ensure microbusinesses and SMEs in the tourism sector can access HUF 100 bln in free-purpose credit, at 0%, from September, state news wire MTI reports, citing a resolution published in official gazette Magyar Közlöny.

Hungarian Tourism Agency head Zoltán Guller announced the 0% credit program for companies that do all of their business in the tourism sector - which has been hard hit by the coronavirus crisis- in the framework of the stateʼs Széchenyi Card revolving credit scheme on Saturday.

He said the program would be supported through the National bank of Hungaryʼs Funding for Growth Scheme (FGS).

The government resolution on the tourism sector credit program allocates additional funding of up to HUF 4.7 bln in the 2021 budget.

The resolution also scales up budget funding for interest and credit fees subsidies in the framework of the Széchenyi Card program to HUF 11 bln from HUF 1.65 bln for 2021, to HUF 9.6 bln from HUF 1.6 bln for 2022, and to HUF 6 bln from HUF 1.5 bln for 2023.