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Venture Finance Hungary to launch HUF 20bn in JEREMIE funded programs next year

Venture Finance Hungary plans to launch two venture capital programs worth HUF 20bn in the first quarter next year using European Union JEREMIE funding for SMEs, Venture Finance Hungary CEO József Vingelman announced on Tuesday.

Vingelman said they expect further funding of HUF 6bn from private investors.

One program will offer at most €150,000 in venture capital funding for SMEs that have been established within the past three years and have annual revenue of at most HUF 200m.

The other will offer a maximum of €1.5m for SMEs that have been established within the past five years and have annual revenue of at most HUF 5bn.

Funding for the former program will be disbursed in one sum, while that for the latter could be drawn on in four installments until the end of 2015.

Only SMEs based outside the region of Central Hungary will be eligible for the programs.