Business infrastructureEconomy & Policy

Hungarian government launches initiative to improve competitiveness of SMEs

The government has called tenders for “Improving the Competitiveness of Micro, Small and Medium-sized Enterprises through Entrepreneurial Knowledge” with a budget of HUF 1.5 billion.

The Hungarian government has called a tender for HUF 1.5 billion (EUR 4.5 million) in funding to help manage generational shift and improve competitiveness at small businesses.

Balázs Rákossy, state secretary for the utilization of European Union funding, noted that the founders of businesses launched in Hungary in the 1990s, after the country’s transformation to a fully market-based economy, have reached retirement age, leaving the future of some companies in question. 

The state secretary said companies that aren’t taken over by family members can be transferred to a third party, sold to a corporate peer or listed on the stock exchange. 

The program also seeks to help distressed companies recover with intervention, retaining employees, market, know-how and value. 

Applications for funding can be submitted through a consortium of IFKA Industry Development Nonprofit and the Budapest Institute of Banking.

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