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Microloans for hardest-hit sectors available from Monday

Government

Zero-interest microloans the government is rolling out to support the recovery of businesses that have been hit the hardest by the coronavirus crisis will be available at the MFB Points of the Hungarian Development Bank (MFB) from Monday, the lender said on Thursday, according to a report by state news wire MTI.

The HUF 1 million-10 mln loans, announced by Prime Minister Viktor Orbán a month earlier, will first go to companies in the tourism, catering, culture, and sport sectors.

MFB said HUF 100 bln has been earmarked for the ten-year loans which have a three-year grace period. The credit may be used for payroll, utilities, inventory or working capital.

Applicants must show they had a profit at operating level in 2019, excluding unviable businesses from the scheme.

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