Banks disburse HUF 330bn of gov't-backed loans

MNB

By October 3, banks disbursed HUF 330.1 bln of loans to small and medium-size enterprises (SMEs) in the second phase of the National Bank of Hungary (MNB) Funding for Growth Scheme, the central bank announced today.

Contracts signed under phase II of the programme totalled HUF 402.7 bln and the credit went to 9,827 businesses.

The central bank launched phase II of the scheme in October 2013 for an initial volume of HUF 500 bln. It raised the credit to HUF 1 trillion a year later, in September. The MNB noted that it could raise the amount available to as much as HUF 2 trillion.

When the MNB raised the phase II credit, it extended the deadline for calling down leasing and pre-financing for European Union-funded projects until June 30. The deadline for signing loan contracts remained unchanged: the end of 2014.

HUF 75 bln of refinancing is available for banks which lent a total of HUF 710 bln to SMEs in the first phase of the scheme, in June-September 2013. Under the scheme launched in June 2013 the MNB provides zero-interest refinancing to banks that they can lend to SMEs at an APR not exceeding 2.5%. 

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