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Access to finance

29 October 2009
by Ina Dimireva -- last modified 20 June 2012

The Hungarian state helps companies gain access to finance in many ways: direct support, indirect support, preferential loans, financial assets, etc.


Public finance

The Hungarian state helps companies gain access to finance through indirect and direct support schemes.

From the Ministry of National Development and Economy portal, we can get a general picture of State-aided loan and capital programmes, tenders and guarantee instruments that are offered to companies operating in Hungary.

The strategy on the development of small and medium-sized enterprises gives us a picture of State policy relating to government stimulation and support of the development of small and medium-sized enterprises on to instruments for extending sources of finance for them.

The chapter of the New Széchenyi Plan on business development concerns financing opportunities for small and medium-sized enterprises, including, among other things, more efficient use of European Union resources, the development of stable financing for current assets, and restarting capital access programmes for small businesses. The system of support and tendering for the plan started on 15 January 2011.

New Széchenyi Plan: Business development, and development of the business environment

Indirect support

The Széchenyi Card is a government-sponsored loan scheme for micro, small and medium-sized companies, and sole traders. In addition to the Széchenyi Card Current Account Loan, the Széchenyi Card Programme has been extended to include another two new schemes: the Széchenyi Current Assets Loan may be requested since 2 August 2010, and the Széchenyi Investment Loan from 1 September 2010. The Széchenyi Self-Resourcing Supplement Loan and the Széchenyi Pre-Support Loan may be used for tenders under the Széchenyi Plan as of January 2011.

Széchenyi Card

The New Hungary and “For a Successful Hungary” business development loan programmes of the state-owned Hungarian Development Bank (MFB) offer long-term loan schemes with favourable interest to micro, small and medium-sized businesses registered in Hungary, as well as to large companies, local government and state-owned companies.

The task of Corvinus Venture Capital Fund Management is to create and administer venture capital funds invested in innovative small and medium-sized enterprises that are in the initial and early stages of growth.

Corvinus Venture Capital Fund Management

The New Hungary Micro-Loan programme and the New Hungary Small Loan programme aim to improve the development of micro-companies and small enterprises registered in Hungary and which cannot be financed, or not to the desired extent, by means of commercial banking methods, through improving their opportunities to access credit. In addition to Hungarian Enterprise Financing Ltd, there are different loan schemes that are offered to improve the capital situation of small and medium-sized enterprises and specifically companies that want to attract venture capital.

Hungarian Enterprise Financing Ltd.

In addition to interest support from the State and the assumption of a guarantee by Garantiqa Credit Guarantee Co. Ltd., micro and small businesses may request credit under the Budapest Loan Scheme for Small Businesses if they are listed in the Hungarian companies register, have their registered office in Budapest, or are developing premises in Budapest.

Budapest Loan Programme for Small Businesses

A more detailed description of the schemes can be found on the Budapest Enterprise Agency website.

Conditions of Loans for Small Businesses

The Small Business Development Co. Ltd. invests in small and medium-sized enterprises that have growth potential. The aim of investing development capital is to reinforce small and medium-sized enterprises, promote their innovative abilities and technological development and improve their creditworthiness and market position.

Small Business Development Company Ltd.

The Regional Development Holding Co. Ltd. is a long-term 100% State-owned company. It aims to promote regional economic development, restructuring and competitiveness. The Regional Development Holding Co. Ltd. offers a wide range of financial services.

Regional Development Holding

Hungarian Export Credit Insurance Zrt., as a member of the MFB Group offers special insurance schemes to small and medium-sized enterprises (SMEs) that export Hungarian goods and services and which have an annual export revenue not exceeding EUR 2 million over a period of more than the two latest consecutive financial years that have ended.

Hungarian Export Credit Insurance Company

Garantiqa Loan Guarantee is based on cooperation between the Hungarian government, Hungary's main commercial banks, savings co-operatives and a number of business associations. The company responsible for the scheme helps small and medium-sized enterprises in Hungary to access credit by offering guarantees.

Garantiqa Loan Guarantee Co. Ltd.

Start Capital Guarantee Ltd. offers capital guarantee products to customers investing in small and medium-sized enterprises in Hungary. The Start Ltd. capital guarantee programme makes capital guarantees available to Hungarian SMEs and their investors.

Start Capital Guarantee

The Rural Credit Guarantee Foundation aims to increase the creditworthiness of small and medium-sized enterprises in rural areas, improve the conditions for their access to credit, ensure their financial viability, and offer cash guarantees.

Rural Credit Guarantee Foundation

Mezzanine financing is a form of loan financing between the share and the guaranteed debtor's note. Further information about finance companies and funds that work with this kind of financing in Hungary can be found on the Hungarian Venture Capital Association website.

Hungarian Venture Capital Association

Direct support

The Ministry for National Economy currently uses domestic resources to support investments by Roma micro-companies by means of micro-loans.

The National Employment Foundation regularly announces a number of tenders for businesses facing difficulties as a result of the recession, particularly to help preserve employment.

Support for preserving employment

Access to EU funding

In Hungary, the main institution that grants and administers EU aid is the National Development Agency (NDA), which channels resources from the

Structural Funds and, in some cases, the Cohesion Fund, and grants aid by means of classification into several operation programmes. These currently offer aid for development in the following areas, among others:

Economic regeneration:

Economic Development Operational Programme (EDOP)

Environmental protection and energy efficiency:

Environment and Energy Operational Programme (EEOP)

Transport and transportation:

Transport Operational Programme (TOP)

Social development:

Social Renewal Operational Programme (SROP)

Social Infrastructure Operational Programme (SIOP)

Targeted regional development: Regional Operational Programmes (ROP)

Southern Great Plain Operational Programme (SGPOP)

Southern Transdanubia Operational Programme (STOP)

Northern Great Plain Operational Programme (NGPOP)

Northern Hungary Operational Programme (NHOP)

Central Transdanubia Operational Programme (CTOP)

Central Hungary Operational Programme (CHOP)

Western Transdanubia Operational Programme (WTOP)

Businesses can mainly find out about opportunities for the schemes that have been announced through the National Development Agency's website.

NDA: scheme finder

Description of the schemes

Key projects

Information on the organisations that participate in administering EU aid and schemes and in providing resources can be found on the following website:


English description of EU aid and Hungarian programmes:

EU aid in English

Private finance

Credit and financial institutions that offer diversified opportunities for business financing are listed by the Hungarian Financial Supervisory Authority, which also monitors their activities.

Financial institutions listed by the Hungarian Financial Supervisory Authority, and the scope of their activities


As part of factoring activities, the factoring company and a seller that openly transports goods or services will primarily agree on the following:

purchase of the seller’s invoicing claims by the factoring company in return for immediate payment; administration of buyer claims and collection of invoicing claims; and the provision of protection in the event of a payment deferral by debtors.

The member organisations of the Hungarian Factoring Association are banks and specialised financial institutions.

List of factoring companies


Leasing is one of the most common forms of instrumental financing. In leasing, the lessor and lessee conclude an agreement with each other for a defined period, during which the lessee is entitled to use the given instrument in return for payment of the leasing fee. At the end of this period, the lessee is generally entitled to purchase the instrument at its residual value, or to acquire it automatically.

Mortgage credit

Companies can also use mortgages. In such cases, in order to insure the bank’s claims, a mortgage right is established on the property or movable property of the debtor or a third party, or on any claims existing in respect of any third party. This most often applies to commercial or residential properties.

In addition to cover for real estate, companies can also ask for loans for any purpose, but they may also ask for financing for the actual purchase of property.

Other schemes

For companies that do not have property or other cover but need a loan that can be used freely, a solution is offered by overdrafts.

If a company needs financing for current assets, it may ask for a current assets loan. Rollover and non-rollover credit may be applied for, depending on whether a loan amount will be needed several times a year, or just once.

The project finance scheme is characterised by the fact that the bank must often finance project costs of several hundreds of millions of forints. The point is that, when the loan is assessed, the primary criterion is not the creditworthiness of the company creating the project (it is usually new companies that are established for the project), but rather the capacity of the new facility to recoup its costs in future and to generate a profit. In this regard, the banks require a wide-ranging insurance package to be set up in connection with the project, in order for them to cover their risks. The type of insurance demanded (right to the mortgage on the property, transfer of rental fees, etc.) reflects the characteristics of the project.

In the case of company home-building loans, the state offers support with paying interest on bank loans to companies that build homes for sale or rent.

Basic investment administration is an activity pursued in accordance with published investment principles and is subject to official monitoring. Fund managers are regulated strictly by law. Financial instruments or property may be included in fund portfolios in Hungary.

Fund managers, venture capital managers, investment companies

List of investment funds

Business support organisations can advise businesses on how to find financing.

Business support — Hungary

Source: Your Europe

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