Subsidized Credit Scheme Allocation Raised on Strong Demand

Government

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The government raised the allocation for the Baross Gábor Reindustrialization Program, a subsidized credit scheme for SMEs, by HUF 300 billion to HUF 1 trillion after the initial funding ran out, according to a report by state news wire MTI.

Gergely Gulyás, the head of the Prime Minister's Office, announced the raised allocation at a weekly press briefing on Thursday.

The ministry said 912 businesses applied for working capital credit and 163 for investment loans in the scheme. The average credit size was HUF 655 million for the working capital and HUF 1.24 bln for the investment loans.

Rates on credit in the scheme are capped at 6% for forint loans and 3.5% for euro loans.

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