EIF and MVA to support Hungarian SMEs in culture and creative sector with €8.2 million

The European Investment Fund (EIF) and Magyar Vállalkozásfejlesztési Alapítvány (MVA) will provide €8.2 million (HUF 3000 million) to support Hungarian SMEs in the culture and creative sector sustain jobs and recover faster from the COVID-19 pandemic.

The counter-guarantee agreement will allow MVA to increase its capability to provide guarantees to Hungarian small and medium-sized enterprises (SMEs) and small public enterprises in the cultural and creative sectors, which are particularly hit by the COVID-19 pandemic. The financing will also help smaller media businesses to obtain better access to finance and overcome the challenges they are facing due to the crisis.

The EIF – MVA cooperation reinforces the ability of the national financial sector in Hungary to fuel faster recovery of Hungary from COVID-19 without jeopardizing its long-term stability.

Backed by the European Commission’s Cultural and Creative Sectors Guarantee Facility the agreement is also supported from the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.

Read more information here.

EIF (European Investment Bank)

The European Fund for Strategic Investments (EFSI) is the main pillar of the Investment Plan for Europe. It provides first loss guarantees enabling the EIB to invest in more, often riskier projects. The projects and agreements approved for financing under EFSI are expected to mobilise €546.5 billion in investment, supporting over 1.4 million start-ups and SMEs across the European Union.

Magyar Vállalkozásfejlesztési Alapítvány (MVA) is a private foundation established in 1990 by the Government of Hungary; with the mission to support the development, promotion and financing of SMEs in Hungary. It benefits from longstanding experience in micro-credits and guarantees.

Cultural and Creative Sector Guarantee Facility benefits micro-businesses and SMEs in the cultural and creative sectors, which often face difficulties in accessing affordable debt financing for their projects.

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