The funding will be targeted at projects in the areas of digitalization, healthcare and the green transition that produce patents and products that generate revenue.
SMEs may apply for funding of between HUF 10 million and 200 million to buy new equipment, make IT developments, acquire real estate and make the switch to renewable energy.
The S3 strategy identifies priority areas of support which include agriculture and food production, healthcare, digitalization of the economy, creative industries, energy, services and cutting-edge technologies.
SMEs with at least one completed business year under their belt will be eligible for grants between HUF 10 and 630 million.
The Hungarian government is increasing the budget for subsidising green investments made by SMEs by HUF 20 billion (EUR 56m) to almost HUF 50 billion.
PM Orbán said SMEs can raise an interest-free loan with ten-year maturity of up to HUF 10 million (EUR 28,000), with repayments deferred by three years.
Mihály Varga said interest-free credit is to help businesses weather the coronavirus epidemic and prepare for the competition after the recovery.
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.
The GINOP program will provide HUF 12 billion to help micro, small and medium-sized enterprises increase employment across Hungary.
The “X-Europe" program will offer training, mentoring and the possibility of building ties with prospective investors.
“We expect the Columbus Fund will help Hungarian businesses succeed in the US market and boost Hungary’s export performance,” the foreign minister said.
László Palkovics, Minister of Innovation and Technology, said the government aims to create a regulatory and tax environment friendly home for small and medium-sized entrepreneurships.
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.