Hungary To Support SME Job Creation With HUF 5 Billion

  • 8 Oct 2019 9:30 AM
  • Hungary Matters
Hungary To Support SME Job Creation With HUF 5 Billion
As of Monday small and medium-sized enterprises can apply for 5 billion forints (EUR 15m) of government funding to help create high-value added jobs, the finance minister told MTI.

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, Mihály Varga said.

The programme helps the creation of high-value added jobs through supporting capacity expansion and investing in technological improvements.

SMEs can apply for 10 million forints to 150 million forints of funding but in less developed areas the eligible amount is 200 million forints.

The support is non-repayable and can cover 50% of an investment project. Companies awarded funding must agree to keep their headcount at least stable, to raise wages by a minimum 10% for three years and offer training to their employees, Varga said.

  • How does this content make you feel?

XpatLoop Media Partner

Hungary Matters

Launched in January 2014, this twice-daily newsletter covers 'everything you need to know about what’s going on in Hungary and beyond', according to its publisher the state media agency MTI. Click the title above for more info, and to subscribe.

Explore More Reports

  • Varga Presents Prize For Successful Business

    Varga Presents Prize For Successful Business

    • 13 Jan 2018 7:20 AM

    Economy Minister Mihály Varga presented the Prize for Successful Business, to three Hungarian companies for the months of November and December respectively. Automotive supplier Hydro Extrusion Hungary and Edelmann Hungary Packaging were named “investor of the month”.

  • German SME Assoc Delegation Arrives In Budapest

    German SME Assoc Delegation Arrives In Budapest

    • 14 Nov 2017 7:58 AM

    A delegation from the German Association of Small and Medium-sized Businesses (BVMW) met Hungarian officials in Budapest. BVMW head Mario Ohoven said the association wants to see economic ties between Hungary and Germany strengthened in the area of SMEs.