Business infrastructure

Government supports nearly 6,000 young entrepreneurs

More than 5,000 people have already applied for HUF 4.5 million in capital in the entrepreneurship incentive program.

Thanks to the Encouragement of Jobseekers and Young People to Become Entrepreneurs – Training and Mentoring program, nearly 8,000 businesses could be created in Hungary’s less developed regions and nearly 1,000 in Central Hungary by 2022. The support framework will help create about 3,000 enterprises among those over 30 years of age and nearly 6,000 enterprises among those under 30.

About 90 percent of the applicants have received support, substantially helping them to become self-employed, said the State Secretary for Employment Policy at the Ministry of Innovation and Technology, Sándor Bodó. 

The state secretary pointed out that the program, with a total budget of HUF 40 billion, will greatly contribute to the long-term employment of young people and jobseekers.

Applications may be submitted only by companies that were established up to three months prior to their submission. There are presently two regions still open to applicants under the age of 30.

The Hungarian State Treasury assesses the received applications within 60 days and pays half of the requested amount in the case of a favorable sponsorship decision.

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