Dreams come true for thousands of young entrepreneurs

Almost HUF 30 billion has been allocated to the business startup program, the Ministry of Innovation and Technology announced.

According to the announcement, Secretary of State Sándor Bodó said that more than 8,000 people have already applied for the capital support aimed at helping young people and job seekers become entrepreneurs. 

So far, 6,500 applicants have received support, with about HUF 19 billion already paid out. Thanks to the program, approximately 8,000 enterprises can be established in less-developed regions, and almost 1,000 in Central Hungary. The support will help create about 3,000 businesses for people over 30, and almost 6,000 among the younger generation.

The program, implemented from total funding of about HUF 45 billion, will greatly contribute to the long-term employment of young people and jobseekers. Plus, the timing couldn’t be better, as encouraging entrepreneurship and expanding employment help mitigate the effects of the coronavirus crisis.

Bodó said that people looking to start a business must first take part in a competency test as a first screening. More than 10,000 have already joined the training, and those with an approved business plan exceeds 6,000. The secretary of state added that training in less-developed regions will soon be completed. 

According to the announcement, aid applications can only be submitted by companies that were established up to three months before their application was submitted. Either the Hungarian State Treasury or, for Budapest and Pest counties, OFA Nonprofit Kft. will assess the applications within 60 days and pay half of the requested amount after a favorable sponsorship decision.

Applications are open until January 31 but no later than April 30.

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