Index - Economy - MFB: Many companies can apply for a Quick Restart Loan

Index – Economy – MFB: Many companies can apply for a Quick Restart Loan

Based on the entrepreneurship requests received by Magyar Fejlesztési Bank (MFB), from today onwards, companies established in 2019 can also apply for an interest-free restart loan, which achieved a positive operating result that year. According to the financial institution, several other conditions have also been amended to allow more Micro, Small and Medium Enterprises (SMEs) to apply for interest-free loans for the purposes of restarting after the coronavirus pandemic. Changes include:

In addition to small and medium enterprises and associations, the limited nonprofit can apply for a loan of up to 10 million HUF.

The novelty is that a change of ownership of 50 percent or more, which occurred before March 8 this year, is no longer an exclusive reason to obtain a loan.

As mentioned in government information released on Thursday, more small and medium businesses can take advantage of the 10 million 3-year moratorium on public credit.

For a more simple and transparent completion, a separate loan application form has been prepared for individual and corporate business loan applicants. The Telegraph Office writes that in the case of real estate guarantees, it is sufficient to present an accounting document that supports their book value.

MFB also indicated that, effective April 12th, loan target ‘B’ will reopen for the loan program, formerly known as SME Technology.

Thus, 34 billion HUF are available to finance the costs of operating the companies and purchasing the necessary stocks, and the maximum amount that can be requested per transaction is 80 million HUF.

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Both the interest-free Express Reboot Loan and the SME technology loan program have a zero fixed interest rate, and companies only have to pay the amount they demanded.

Additional bank fees are still not imposed on any of the loan programs, and applicants should only anticipate notarial fees related to entering into the contract. However, it is important that the two loan programs cannot be combined, and only one loan program can be borrowed for the same purposes as the loan.

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