Each of Hungary's seven regions will establish at the start of 2010 funds with HUF 2 billion apiece to help companies short of capital cover the co-financing requirement for developments supported by European Union and state funding, director of the National Development Agency (NFU) Balázs Mosonyi said on Thursday.
Companies that cannot find conventional financing to cover the co-financing requirement for grants awarded under the Regional Operative Programs can borrow money from the funds at preferential rates, Mosonyi said.
A fund manager will be established within the NFU and contracts will be signed with local organizations to evaluate applications for the funding.
The run of the funds could be 5-6 years, but these will be determined on a case-by-case basis. (MTI-Econews)