About HUF 300 billion has been made available to Hungarian SMEs under various subsidized loan programs, state secretary at the National Development and Economy Ministry Sándor Burány said.
The loans are part of a HUF 1,400 billion economic stimulus package announced earlier by the government to cushion against the effect of the economic crisis.
HUF 59 billion is available to SMEs under the New Hungary Microhitel program for investments and related current assets loans. Companies may borrow up to HUF 10 million for investments, to be repaid in ten years, and up to HUF 6 million for current assets, for a term of one year.
Under the New Hungary Investment Loan Program, companies may borrow HUF 10 million – HUF 100 million to be repaid in at most ten years. Some HUF 50 billion is available in the program.
A further HUF 160 billion is available to SMEs for investments and current assets loans from the Hungarian Development Bank (MFB).
Burány said that the government will provide a guarantee on the loans. The New Hungary Investment Program contains HUF 29 billion, of which the government can guarantee 80% of the maximum HUF 100 million loans for up to 10 years.
The state secretary commented that the government has raised the amount available to loan guarantor Garantiqa Hitelgarancia to HUF 900 billion. Garantiqa is providing an 80% guarantee for micro-businesses' and SMEs' loans of up to 25 years.
Burány said that this year there will HUF 2 billion in interest support available for the Széchenyi Cards designed to support SMEs. (MTI – Econews)