The European Investment Fund (EIF) and Agrár-Vállalkozási Hitelgarancia Alapítvány (AVHGA) have signed a COSME agreement to enhance access to finance to up to 2,000 small and medium-sized enterprises (SMEs) primarily in the agricultural sectors in Hungary.
This transaction benefits from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe and is expected to facilitate access to HUF 50 billion (ca. €160 million) in several forms of finance for SMEs, such as investment loans, working capitals, overdraft credits and bank guarantees.
European Commissioner for Education, Culture, Youth and Sport, Tibor Navracsics, said: “I am delighted to see that thanks to the Investment Plan launched by this Commission, small businesses in Hungary will now be able to obtain loans they would otherwise not have had access to. The Investment Plan has proven to be a success which is why we have proposed to increase both its financial capacity and duration. I encourage Hungarian businesses to make the most of this opportunity and use these loans to boost economic growth and job creation.”