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K&H agreement with EIF to boost SME outlays by HUF 30 bln

The European Investment Fund (EIF) and K&H Bank today signed an agreement on European Union-supported guarantees that will allow the lender to provide HUF 30 billion to over 1,500 small businesses, Hungarian news agency MTI reported.

The guarantees, on 50% of the loans up to HUF 45 million, are provided under the Program for the Competitiveness of Enterprises and Small- and Medium-sized Enterprises (COSME) with support from the European Fund for Strategic Investments (EFSI) over three years, the EIF said. The guarantees allow K&H to lend to SMEs that would otherwise not have received financing, the fund added.

K&H CEO Hendrik Scheerlinck noted that the lender is the first institution in Hungary to make the COSME European Union guarantee program available.