Are you sure?

State provides 80% guarantee on HUF 6 bln factor loan

  The government will provide a state guarantee for 80% of the principal amount of a HUF 6 billion loan to be taken out by factoring company Kvantum Faktor, a decree published in the latest issue of the official gazette Magyar Közlöny shows.

The HUF 6 billion loan will be used for factoring for SMEs, with half of the amount going toward the farm sector, Kvantum Faktor CEO Nóra Szabó told MTI.

The state guarantee will be valid until the end of 2010 and will cost 2pc of the principal of the loan. Kvantum will be required to invite offers from three banks but it does not have to invite a public tender for the loan.

Kvantum Faktor was established by K+H Bank in at the end of the 90s. It was bought by Reorg Faktor (60%) and Ingatlan ‘98 (40%) in 2001. Reorg Gazdasági es Pénzügyi acquired 99.5% of the company in 2002. (MTI-Econews)