Minister for National Economy Mihály Varga presented for the third time the “Awards for Successful Enterprises” in the Ministry for National Economy. At the award presentation ceremony, the Minister – speaking about the Government measures designed to assist small- and medium-sized enterprises -- stressed that the Government has prioritized the issue of increasing the share of contribution to the country’s GDP of SMEs; accordingly, the Government aims to add another 15-20 percent to the current figure of 55.2 percent by 2020.

Speaking about the recently achieved results in the field of SME financing, Mihály Varga said that the Government has increased the guarantee fund of Eximbank significantly, from HUF 320bn to HUF 1200bn by autumn 2012 thus enabling the bank to include in its client base domestic suppliers and to finance export-oriented investment.

The National Bank of Hungary (MNB) had launched a Funding for Growth Programme aiming to bolster lending for SMEs, thanks to which enterprises can take out loans at a preferential interest rate of maximum 2.5 percent, which was welcomed by both the markets and the banking sector. Therefore, the Programme will be continued with a framework fund of HUF 2000bn. As the Government intends to bolster refinancing schemes, guarantee programmes and the Széchenyi Card Programme, the financial position of SMEs is expected to further.

Upon the Minister’s initiative, since August 2013 the awards are presented in each month in three categories – “Investor of the Month”, “SME of the Month” and “Start-up of the Month” – under the organization of the Ministry for National Economy. In October, CEO Dániel Rábai representing Continental Automotive Hungary Ltd received the “Investor of the Month” award; while the “SME of the Month” award was handed over to Bervina Ltd CEO Ágota Bernáth and Mihály Varga presented the “Start-up of the Month” title to inventor Sándor Székely of Thermoflash Ltd.

The aim of “Award for Successful Enterprises” is to honour, publicise and encourage businesses, small and medium-sized enterprises as well as start-ups operating in Hungary which contribute to economic growth and serve as role models for leading an enterprise to success.

(Ministry for National Economy)