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Dec 13, 2019

GINOP program to provide HUF 12 billion to help SMEs increase employment

The GINOP program will provide HUF 12 billion to help micro, small and medium-sized enterprises increase employment across Hungary.

The Operational Program for Economic Development and Innovation (GINOP) has put out a call for proposals for promoting employment expansion.

According to Hungarian Insider, the GINOP program will provide HUF 12 billion to help micro, small and medium-sized enterprises increase employment.

The program has identified that changes in the labor market requires constant attention from businesses, and the best way to tackle labor shortages is to expand business activities in areas with labor reserves. 

Support will be available in four regions of the country where employment rates were below the national average in 2017, including the Northern Great Plain, Northern Hungary, Southern Transdanubia and Southern Great Plain.

Companies that increase the number of its employees by at least three at existing sites or newly established sites in the above-mentioned regions will be eligible to apply for the funds. The subsidized companies also undertake to maintain new jobs created by the investment for at least three years from the date of first job placement. 

The amount of support that can be claimed under the new scheme ranges between a minimum of HUF 8 million and a maximum of HUF 90 million per business. Grant applications will be open from January 27, 2020.