Minister of Finance Mihály Varga announced after a meeting of the Economic Cabinet that the government has received double the expected amount of applications for funding for the technological renewal of enterprises and has therefore decided to double the original budget by another HUF 50 billion.
The minister of finance emphasized that after the country’s victory against the epidemic, it’s now time to restart the economy. So the government is supporting all viable Hungarian companies looking to further develop themselves in the relaunch.
As part of the economic protection action plan, the government reallocated significant development funds back in May. Companies were able to apply to calls for two operational programs, GINOP and VEKOP, under the tender entitled “Support for Developments Helping Micro, Small and Medium-sized Enterprises to Adapt to Modern Business and Production Challenges;” the programs had a budget of HUF 33.3 billion and HUF 18.8 billion, respectively.
With the current decision of the government, the funding for both programs will increase to help businesses become more efficient, protect jobs and create new jobs.
The funds can be used for the acquisition of new equipment and machines, the development of automated production and information technologies, real estate investments, product and service development, or training.
The success of the program shows that Hungarian companies are ready to develop in order to emerge stronger from the crisis. The government is helping them do this not only by increasing the tender framework, but also by speeding up and simplifying procedures, the ministry said.