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Govʼt launches HUF 50 bln scheme covering up to 70% of investment costs at SMEs

Hungaryʼs government started inviting tenders on Friday for HUF 50 billion in grant money that may cover up to 70% of efficiency-boosting investment costs at microbusinesses and SMEs that pledge to keep at least 90% of their employees on payroll, state news wire MTI reports.

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The funding in the "Hungarian High-tech and Green" scheme is available to SMEs in Budapest and Pest County - where GDP per capita is nearly one-and-a-half times the EU average - as well as in the rest of the country.

Application amounts are linked to headcount and stand at HUF 1.5 million per employee at businesses with 1-9 people on payroll, at HUF 1 mln per employee at companies with headcount between 10 and 49, and at HUF 500,000 per employee at companies with staff numbers between 50 and 249.

The funding scheme is part of the governmentʼs broader plan to protect against the economic fallout from the coronavirus pandemic.