Will 3 percent loan opportunities boost the corporate sector?

According to research data from the K&H Large Company Growth Index for the third quarter of 2025, the sector’s prospects remain subdued. Although the index increased by 1 percentage point in the third quarter – currently standing at -5 points – it still remained in negative territory. While the current economic policy focuses on small and medium-sized enterprises in addition to the population, subsidized loans are likely to have a stimulating effect on the large corporate sector as well. The indirect effect of the Otthon Start program will be felt primarily in the construction industry. The favorable conditions of the Széchenyi Card Program are specifically aimed at companies falling within the EU SME definition, which is also open to larger companies in Hungary, as long as they do not exceed 250 employees and an annual net revenue of EUR 50 million. The products of the Széchenyi Card, available with a 1.5 percent interest rate reduction, can significantly reduce financing costs and strengthen corporate liquidity.

Indirect effects on the large corporate sector

The recovery in credit demand from households and SMEs is unlikely to remain isolated and could bring a noticeable recovery to the entire economy over time, which could also give a boost to large companies. The 3 percent retail loan increases interest in new and used apartments, which could directly encourage large companies interested in the construction industry to invest, but it will certainly also provide smaller contractors involved in building renovations with more orders. This type of interaction can have a positive impact on other businesses and supplier groups in the long term.

Since the interest rate reduction announced now mainly concerns the liquidity and working capital loans of the Széchenyi Card Program, it primarily stimulates the improvement of companies’ liquidity and reduces the costs of businesses. However, it is also true that, thanks to a February amendment to the Széchenyi Program, investment loans are now also available at an interest rate of 3 percent. This will probably not cause a surge in investment loan demand in the short term, but if the economic environment improves next year as a result, it will also have a positive impact on large companies.

“Although the fixed 3 percent loan is aimed at small and medium-sized enterprises, it may also have a positive impact on large companies, albeit indirectly.  In addition to the Széchenyi Loan Program, other elements of the Demján Sándor Program also support enterprises in accessing funds.  It is clear that competition is no longer only taking place in the market, but also for subsidized financing”

– highlighted Tibor Bodor, Head of K&H’s Large Corporate Division.

The possible transformation of market competition, the The increase in the volume of orders and the revival of the subcontracting sector can all contribute to the dynamization of large companies even if they do not directly benefit from the new credit structures. Inter-company relationships, the stabilization of supply chains and investments aimed at productivity can all play a prominent role in the future of the domestic economy.