Hungary’s government has called a tender for 1.5 billion forints (EUR 4.5m) in funding to help manage generational shift and improve competitiveness at small businesses, state secretary for utilisation of European Union funding Balazs Rakossy told MTI.

Rákossy noted that the founders of businesses launched in Hungary in the 1990s, after the country’s transformation to a fully market-based economy, have reached retirement age, leaving the future of some companies in question. Companies that aren’t taken over by family members can be transferred to a third party, sold to a corporate peer or listed on the stock exchange, he said.

The programme also seeks to help distressed companies recover with intervention, retaining employees, market, know-how and value, Rákossy said.

Applications for the funding can be submitted through a consortium of IFKA Industry Development Nonprofit and the Budapest Institute of Banking.

Source: mti

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