Government Boosts SMEs with €10M Hiring Fund and Investment Support Program
The Ministry of National Economy has allocated a €10 million recruitment fund for businesses, and the investment support scheme has garnered a lot of interest from applicants, demonstrating the effectiveness of the plan.
Government Launches HUF 4.1bn Scheme to Boost Headcount at SMEs
State Secretary for Employment Policy, Sándor Czomba, has announced the launch of a EUR 10 million (HUF 4.1bn) program to support capacity expansions and new hires at small and medium-sized enterprises (SMEs).
Businesses can apply for up to almost EUR 6,200 (HUF 2.5m) per new hire, who must be jobseekers, to cover part of payroll costs and equipment expenses. The subsidies are available for a period of six months, with the condition that the new hires must be employed for at least a year. The program, with an application deadline of February 14, aims to support 1,700 new hires. In the previous phase of the scheme, approximately 560 SMEs received support for close to 3,000 hires.
Close to 2,000 Businesses Apply for the Demján Sándor Scheme SME Investment Support
Nearly 2,000 small and medium-sized businesses have submitted applications for the investment support component of the government’s Demján Sándor scheme, according to the National Economy Ministry. Out of the approximately 6,800 companies that pre-registered, 1,885 applicants have requested a combined HUF 136.9bn in investment funding. Companies could apply for funding ranging from HUF 5m to HUF 200m. The funding documents are set to be issued in April 2025, and applicants will have 12 months to implement the planned investments and improvements in competitiveness.
Additionally, the government is considering adding more products to an online platform that monitors the prices of a wide range of food at Hungary’s major supermarket chains. Furthermore, many guest workers are leaving Hungary to work in other countries, prompting Prime Minister Orbán to introduce stricter measures.
Overall, the initiatives and programs introduced by the government aim to support businesses, create job opportunities, and boost the economy in Hungary.
