MNB amends ʼFGS Go!ʼ scheme to help SME borrowing


Photo by Adriana Iacob/

The National Bank of Hungary (MNB) has decided to amend the conditions of its new ʼFunding for Growth Scheme Go!ʼ (FGS Go!) program to make it easier for SMEs to borrow under the scheme, deputy governor Mihály Patai announced at an online press conference on Thursday, according to a report by state news wire MTI.

Photo by Adriana Iacob/

MNB launched the FGS Go! on April 20, making HUF 1.5 trillion available to micro-, small and medium-sized businesses through credit institutions and financial businesses at a fixed interest rate of a maximum 2.5%, available on a wider scale than before, helping SMEs to overcome the economic effects of the coronavirus.

One of the modifications will allow businesses to use the credit borrowed under the scheme for investments not only in Hungary but abroad as well.

Also, condominiums and housing cooperatives will in future be able to use the FGS Go! funding for investments into modernization or green projects.

They will ease the conditions to take out working capital loans under the scheme.

In a further novelty, the businesses will be able to use the FGS Go! loans to pre-finance not only European Union support they won but also domestic funding.

In order to accelerate the lending process, the MNB will make one-off checks to ensure whether banks abide by the two-week deadline they have to assess loan applications, Patai said.


European e-commerce soars during pandemic - study Analysis

European e-commerce soars during pandemic - study

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.