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NBH AMENDS 'FGS GO!' SCHEME TO HELP SME BORROWING

 

The National Bank of Hungary has decided to amend the conditions of its new ‘Funding for Growth Scheme Go!’ (FGS Go!) programme to make it easier for SMEs to borrow under the scheme, deputy governor Mihály Patai announced at an online press conference. The NBH launched the FGS Go on April 20, making 1,500 billion forints available to micro-, small and medium-sized businesses through credit institutions and financial businesses at a fixed interest rate of a maximum 2.5%, available on a wider scale than before, helping SMEs to overcome the economic effects of the coronavirus. One of the modifications will allow businesses to use the credit borrowed under the scheme for investments not only in Hungary but abroad as well. Also, condominiums and housing cooperatives will in future be able to use the FGS Go! funding for investments into modernisation or green projects. They will ease the conditions to take out working capital loans under the scheme.
In a further novelty, the businesses will be able to use the FGS Go! loans to pre-finance not only European Union support they won but also domestic funding.