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Oct 07, 2019

Finance Minister: HUF 5 billion worth of government funding available for SMEs

Mihály Varga said the government funded initiative aims to strengthen the competitiveness and productivity of SMEs by helping them to introduce new technologies and improve the skills of their employees.

Small and medium-sized enterprises can now apply for HUF 5 billion (EUR 15m) worth of government funding to help create high-value added jobs.

Mihály Varga, Minister of Finance, told MTI that the government funded initiative aims to strengthen the competitiveness and productivity of SMEs by helping them to introduce new technologies and improve the skills of their employees.

Minister Varga said the program helps the creation of high-value added jobs through supporting capacity expansion and investing in technological improvements.

SMEs can apply for between HUF 10 million to HUF 150 million of funding but in less developed areas the eligible amount is HUF 200 million.

The support is non-repayable and can cover 50 percent of an investment project. Companies awarded funding must agree to keep their headcount at least stable, to raise wages by a minimum 10 percent for three years and offer training to their employees.

Photo credit: kormany.hu