LOAN FOR BUSINESS IN HUNGARY

LOAN FOR BUSINESS IN HUNGARY

Author

Prykhodko Andrii

LOAN FOR BUSINESS IN HUNGARY

Financial support programs for business in Hungary

In 2020, it was decided to launch investment support programs worth almost HUF 1,000 billion, which could lead to development of almost HUF 2,000 billion in the near future.

The economic recovery action plan was developed to gradually ease conditions and restore economic activity in three stages. In the first phase, the Hungarian Development Bank (MFB) provided a HUF 100 billion interest-free fast restart loan. The second stage is focused on strengthening higher education, and the third stage is focused on the development of green energy, building a closed-loop economy and full digitalization of the economy.

In what cases can you get a business loan in Hungary?

There are quite a few banks in Hungary, about 15, and many of them offer business lending services, for example, Erste bank provides the following business loans:

Power bossiness is a simple way to get a loan, the bank itself looks for all the information about the client, so the client just signs the statement. The loan is provided for business activities, there is no need to provide real estate or other property as collateral.

Program – The interest rate on loans after subsidization is 0.1-0.5 percent. The loan amount can be a minimum of HUF 1 million (about EUR 2,797) and a maximum of HUF 1 billion (about EUR 2,797,458), depending on the type of loan. The term can be 2 years for overdrafts and work loans, 3 years for liquidity loans and up to 10 years for investment loans.

NHP Forward. – Within the credit program of the Magyar Nemzeti Bank, micro, small and medium-sized enterprises can apply for funds for investments, financing of working capital, replacement of existing loans and pre-financing of subsidies in commercial banks participating in the program. The interest rate on loans is fixed, the rate depends on other financing parameters (term, collateral), but cannot exceed 2.5 percent, there are no other costs for clients in relation to the bank. by micro, small and medium-sized enterprises established in 2019 or earlier in MFB points that have most felt the consequences of the crisis caused by the coronavirus. Currently, there are fifty types of activities that representatives can use, such as hotels and restaurants, hairdressers and beauticians, furniture and clothing stores.

Ten thousand kilometers from Erste. Erste Bank not only helps you get started with profitable, easy-to-obtain loans for small businesses. The financial institution now provides enough fuel for ten thousand kilometers on top of the loan. Small entrepreneurs who apply for a new Power Business loan with a term of at least 2 years and a minimum amount of HUF 1 million (approx. EUR 2,797) or Széchenyi Card Overdraft Plus can get a HUF top-up fuel card. 300,000 (about 839 euros) from the beginning of May to the end of August. The subsidy is the largest for those who use environmentally friendly cars.

And other programs for business support.

What documents are required to obtain a business loan in Hungary?

• Tax declarations. Mortgage lenders want complete information about your financial situation.
• Pay stubs, W-2 or other proof of income. Lenders may ask to see your pay stubs from the last month or so.
• Bank statements and other assets
• Credit history
• Housing rental history and documents regarding the payment of utility bills.
• Different banks may require different documents depending on the type of loan.

What loans can be granted?

Loans can be provided for start-ups, for existing businesses, as well as in case of additional costs for equipment and business equipment, as well as loans in case of business expansion.

Our services are priced from 200 euros per consultation and subsequent support.