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Erste Hungary signs €20 mln credit agreement with KfW

Erste Bank Hungary Zrt signed on Thursday a framework contract with Kreditanstalt fur Wiederaufbau (KfW) to provide €20 million in long-term financing for investments by small and medium-sized businesses, the bank announced.

Erste Bank will use the €20 million for its Unió Plusz loans, which can be used by Hungarian SMEs to purchase machinery and equipment as well as make tourism-related property investments, said director Anikó Biczó said.
The Unió Plusz investment loan is for €20,000-€250,000 or the equivalent in forints or Swiss francs. Erste will provide the loans at maturities between 6 and 10 years with a two-year grace period. The loans may cover no more than 80% of the planned cost of the investment. The rest must be paid for with the company's own resources.