Are you sure?

Gov’t to reallocate SME support

Prime Minister Ferenc Gyurcsány announced at a press conference on Wednesday that the government would reallocate HUF 260bn (€972.59 million) in funds from various operative programs to the economic operative program in order to provide support for small- and medium-sized businesses in Hungary.

Gyurcsány said that both refundable and non-refundable support would be made available for SMEs for the purpose of technical development, investment and expansion, while funds aimed at raising exports would also be included in the program.

The prime minister remarked that the government's priority on job preservation and economic development and stimulus warranted reallocation of the funds, adding that over the coming weeks the government will announce further measures aimed at moderating the effects of the economic crisis to the greatest possible degree.

Gyurcsány reminded reporters that the government had earlier decided automatically provide enterprises and local governments that had won EU support with a larger advanced payment than had previously been granted.

The prime minister noted that the government had been successful in its attempt in Brussels last week to change earlier regulations and provide SMEs with more support in order to preserve jobs, noting that conditions had been established to introduce a program in which companies that hire a new worker would receive significant contribution preferences for five of its existing employees. (MTI – Econews)