The government extends the interest rate freeze on loans to small and medium-sized companies and extends the Széchenyi Card business credit programme.
The government is freezing the interest rates on loans from November 15 until July 1, 2023. Interest rates will be frozen retroactively at their June 28 levels, which was 7.77% as against the current 17.69%. The stock of variable-rate loans to SMEs amount to almost HUF 2,000 billion (EUR 4.9 billion) and is held by close to 60,000 businesses with around 100,000 loans.
The Széchenyi Card business credit programme, which is designed to strengthen the competitiveness of local SMEs and offers attractive interest rates, will be extended. The various constructions have been offered with a fixed interest rate of 0.5-3.5% per annum. The interest rate increases from 3.5% to 5% from January, but only for investments, working capital, tourism and microloans.