A new program to support small and medium-sized enterprises is launched by the Hungarian government. The SMEs (KKV in Hungarian) strategy is designed to provide SMEs with financial support for modernization.

SMEs often battle with issues including a shrinking workforce, skills shortage and generational gap. The government will provide SMEs with financial aid that is ready to commit and introduce new technologies in the future.

“The program is expected to reform the processing industry, – inside out. The largest available funding comes up to HUF 400 million, while the smallest maximum amount is HUF 100 million. In the case of the latter, company owners are encouraged to apply for an additional HUF 50 million non-repayable support,” said László György, State Secretary for Economic Planning and Regulation. 

The initiative was launched in autumn 2019 and is expected to last up until 2030.

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