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Feb 06, 2020

HUF 12 billion pot available for SMEs to create jobs in Hungary

SMEs can submit applications for part of a HUF 12 billion fund if they can commit to increasing their number of employees by at least three.

Sándor Bodó, state secretary for employment policy, has announced that the Ministry of Innovation and Technology (ITM) has launched a program to boost employment in regions where jobs are sparse.

Hungarian Insider states that SMEs can submit applications for part of a HUF 12 billion fund if they can commit to increasing their number of employees by at least three. A company can employ up to 15 people per project and must maintain the new jobs created for at least three years.

The amount of support available translates to 70 percent of two full-year wage costs for small businesses, and 60 percent for medium-sized enterprises. The amount of non-refundable support stands at a minimum of HUF 8 million and a maximum of HUF 90 million.

The initiative is open to companies operating in the North Great Plain, Northern Hungary, Southern Transdanubia or Southern Great Plain regions. 

Applications can be submitted up until June 1, 2020.

Photo credit: Tehran Times