SMEs applied for 3 percent business loans worth 140 billion forints in two weeks

By: Trademagazin Date: 2025. 10. 21. 11:36

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The interest in the seven loan products available under the Széchenyi Card Program (SZKP) with a fixed interest rate of 3 percent from the beginning of October has exceeded expectations. In the first two weeks, 2,600 companies submitted applications worth around 140 billion forints, said Richárd Szabados, State Secretary for the Development of Small and Medium-Sized Enterprises, Technology and the Defense Industry, at a press conference in Budapest on Tuesday.

At an event held at the KAVOSZ office in Újbuda, he said that the government has launched an action plan based on four pillars to help businesses, in order to offset the negative effects of sanctions and tariffs, and the first pillar of this is to provide funds available to SMEs. Other parts of the program include tax cuts, administrative relief, a job protection plan and a wage agreement.

He stressed that the data of the past two weeks can be considered outstanding, as financial institutions conclude 12,000 loan contracts worth 1,300 billion forints annually within the Széchenyi program.

According to the NGM’s expectations, with the interest rate on liquidity loan products reduced to 3 percent from October 6, similarly to investment loans, the amount of loans disbursed under the program could increase by 500 billion forints annually

– he noted in response to a question.

Richard Szabados announced that, in view of the huge interest, they will launch the SME Program Office with a staff of ten people, whose task is to process incoming information and support businesses, as well as to regularly participate in business forums and events.

In addition, entrepreneurs can obtain useful information on the fix3kkv.hu website and direct applications through it, and companies can also inquire at the szekesekkkv@ngm.gov.hu page – he added.

Of the seven products available within the Széchenyi Card Program, three are liquidity, overdraft and also free-use constructions, while three In addition to a classic investment loan, a maximum of 500 million forints is also available for leasing financing.

The period between processing, submission and assessment of loan applications takes approximately one month

– he added.

In response to a question, he said that the share of the three liquidity loan products is 60-70 percent, and similar proportions have been observed since the announcement of the new loan conditions. At the same time, it is good news that interest in investment loans has also increased since the beginning of October, which may support economic growth in the longer term.

Ádám Balog, Chairman of the Board of Directors of KAVOSZ Zrt., Vice President of MKIK, said that compared to the same period of the previous year, the interest in the products of the Széchenyi Card Program has increased threefold in value and about twofold in volume. KAVOSZ administrators are withstanding the onslaught of businesses – he said, adding that 202 customer service employees are assisting the work nationwide.

According to experience, the majority of the administration, 75 percent, is spent on paperwork, and the goal is to reduce this ratio to 50 percent. The administration is being accelerated by the artificial intelligence-based verification and completion system that has been launched, and a new appointment booking system has also been introduced, which enables faster and smoother service to businesses.

André Palóc, spokesperson for the Ministry of National Economy (NGM), noted at the end of the press conference that the tax and administration reduction program for businesses “is coming” in November.