FGS Go! outlays near HUF 2.6 tln
Photo by Adriana Iacob/Shutterstock.com
Outlays of the Funding for Growth Scheme (FGS) Go!, a central bank program that aims to ensure SMEs cheap credit during the coronavirus crisis, have reached HUF 2.597 trillion, the National Bank of Hungary (MNB) said in a release on its website.
The credit has gone to more than 38,000 businesses, the MNB said.
The central bank launched FGS Go! (an extension of its Funding for Growth Scheme started in 2013), in April 2020 to mitigate the economic fallout from the coronavirus crisis.
Under the scheme, the MNB is providing lenders with HUF 3 tln of 0% financing for microbusinesses and SME loans with fixed rates capped at 2.5%. The scheme is open to a broader range of businesses and conditions have been eased.
The MNB said 35% of FGS Go! contract volume has been for new investments, while 55% has been for working capital, and 10% is for refinancing earlier investment loans.
About three-quarters of that amount has gone to SMEs in commerce, manufacturing, property development, farming, and construction. Close to one-third of the credit has gone to microbusinesses, and one-third has been disbursed to small businesses.
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