Is the loan of the Széchenyi Card Program a good option for your small business?

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Is the loan of the Széchenyi Card Program a good option for your small business?

The Széchenyi Card Program is government-backed loan construction to support development projects at small and medium sized businesses in Hungary. With its 5% interest rate, it is an excellent option in the current financial environment. The program has recently been extended for 2023 and 2024, and you can already apply for a low-interest loan if you match the criteria.

Széchenyi Card Program Max+ for 2023

Since the main financer of the loans in the Széchenyi Card Program is the Hungarian state, the main conditions are set out by the government. Loan constructions relevant for 2023 are marked with “Max+”, and have the following benefits:

  • Obtainable loan: HUF 1 – 500 million
  • Interest rate: fixed at 5%
  • Repayment term: max. 10 years

Loans are available in the following constructions, depending on your activity and the purpose of the loan:

  • Széchenyi Card Overdraft Facility MAX+ to make everyday operation smooth
  • Széchenyi Tourism Card MAX+ specifically for businesses related to tourism
  • Széchenyi Liquidity Loan MAX+ for procuring current assets
  • Széchenyi Investment Loan MAX+ for the implementation of “green” projects improving energy efficiency
  • Széchenyi Microcredit MAX+ for the implementation of various investment projects at the smallest companies
  • Széchenyi Agricultural Investment Loan MAX+ for the implementation of development projects at agricultural businesses

Conditions depend on the construction you wish to choose, but are extremely favorable. In general, at least one closed financial year is required, and you cannot have any overdue loans or public debts.

Partner banks for the Max+ loans

The loans defined by the Széchenyi Card Program Max+ are not available at every bank. Banks can decide for which of the six constructions they wish to partner with the government; you can find an updated list for each here.

While the main conditions are stipulated by the government, commercial banks are allowed to list additional requirements. As a result, if your application is rejected by one bank, you can try another one offering the same facility.

About the Széchenyi Card Program

The Széchenyi Card Program was first launched in 2002. Its main objective ever since has been to provide small and medium-sized businesses with loans on a relatively short notice. This is made possible by the direct contact between credit assessors and other participants, and a generally preferential procedure.

In 2023, the program is supposed to receive almost HUF 60 billion from the government budget. In 2024, the sum is supposed to be about HUF 160 billion.

The loan can be used not only to implement developmental projects, but also to support daily operation. Moreover, it can be used to replace existing loans and this way relieving burdens on your Hungarian company.

Precise accountancy to support your goals

When you are considering taking a loan for your business, it is essential that you are on top your finances. Working with a precise and reliable accounting partner is will let you make informed decisions regarding your Hungarian company, and the Helpers Finance Team offers just that. We specialize in working with small and medium-sized businesses, the same as the target group of the Széchenyi Card Program. Together, we can make your business a success.

Can we help you? Contact us today.

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DISCLAIMER: The information on this page is provided as general information only and it reflects the personal opinion of the authors. Nothing on this website constitutes investment advice or an investment offer as defined by Act CXXXVIII of 2007 (“Investment Service Act”), 4.§. (8) and (9). The content should not be used for financial or investment decisions, and it is not a personalized investment analysis. The information is provided without warranty of any kind. The authors, publishers and editors take no responsibility for any direct and indirect damage resulting from the use of the content of this site.