Economy & Policy

Development funding can help thousands of businesses

5,400 applications have so far been received for nationwide tenders to support the technological development of companies.

Two calls for proposals supporting developments related to the technological renewal of micro, small and medium-sized enterprises were launched in May with a budget of more than HUF 50 billion.

Companies can use the funding to purchase new equipment and machines or develop new technological systems and capacities, automated production systems, information technologies and production licenses. Additional uses can be the acquisition of production know-how; investment in real estate infrastructure and real estate; technical, product and service development; and training and consulting related to development.

The financial framework of the economic protection action plan developed for this purpose also includes EU development funds for which enterprises can apply within the framework of two operational programs, VEKOP and GINOP. The call uses a new type of conditionally repayable grant, and decisions on applications have been taken under an accelerated, simplified assessment procedure.

Minister of Finance Mihály Varga emphasized that a decision about the allocation of HUF 3 billion is already complete and will enable the development of nearly 200 companies.

The minister noted that the goal of the government remains to reduce the impact of the coronavirus on the Hungarian economy as much as possible by supporting investments and protecting jobs.

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