The fashion and creative industry receive billions of forints in support

With a budget of HUF 7 billion, a new tender has been launched to support developments that increase the competitiveness of fashion and design companies in Hungary.

The Hungarian fashion and creative industry is world-class, and its products are achieving a bigger and bigger presence on global markets. Now, a HUF 7 billion tender will be presented within the framework of the Economic Development and Innovation Operational Program (Ginop), announced Balázs Rákossy, Secretary of State responsible for the use of EU funds. 

Rákossy emphasized that the tender seeks to help the renewal of micro, small and medium-sized enterprises in the sector, promoting technological developments and strengthening their ability to retain jobs and generate income. For these businesses to expand, it is important to maintain their competitive domestic capacities, and these require investment.

The support is conditionally repayable. The applicant’s performance after implementation will be compared with their situation at the time of submission. At the end of the fulfillment of the predetermined performance criteria, a decision will be made on the rate of reimbursement. The applicant may be granted a partial or total exemption from the repayment, meaning the full amount of the grant may become non-refundable.

Within the framework of the tender, micro, small and medium-sized enterprises in the design and fashion industry with the appropriate certification can apply for support of between HUF 5 million and HUF 150 million; funds may be used for technological development, wage support, industrial property rights consulting, and marketing activities, the secretary of state said.

The government estimates that more than 200 companies will receive support under the program, and applications can be submitted from January 5, 2021.

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