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Brussels approves support for Hungarian SMEs

The European Commission has approved a request by Hungary to help SMEs as part of a venture capital program, the Hungarian Economic Development Centre (MAG) told MTI.

The support will be paid by the Hungarian Business Financing Company (MV) under the New Hungary Venture Capital Program. As a result of the Commission's approval, SMEs should be able to draw on some HUF 35bn (€130 million) of mostly EU resources.

Within the framework of the program, MV will make capital available to SMEs through venture capital funds. Managers of these funds will serve as MV's direct partners, and SMEs may access the funds through these partners.

The tender to serve as MV's venture capital fund managers is expected to be called in January 2009.

The contract with the first fund manager is expected to be signed in March 2009, and the first fund should be established no later than Q2 2009. (MTI – Econews)