Hungary launches cheap loans to rescue tourism: can small businesses survive the season?
Hungary’s government is creating new targeted loan programmes for the tourism industry, the National Economy Ministry told MTI on Thursday.
The ministry will be establishing the Kisfaludy Tourist Credit Centre (KTH) with the goal of providing favourable credit and loan facilities to actors in the tourism sector.
Outlays of working capital loans and investment loans are expected to start in October through the KTH Start loan scheme. The new institution will provide financing solutions tailored to the specific needs of the tourism sector taking into account liquidity challenges arising from seasonality in the sector.
The KTH Start working capital loan will have a three-year maturity and the KTH Start investment loan a five-year one. Both loans will range from HUF 1m to HUF 10m. Both loans will have a fixed customer interest rate of net 3pc, no management fees, and a grace period of up to one year for principal repayment.
KTH will introduce additional loan products in 2026. The ministry said the tourism sector was responsible for 13pc of GDP last year and provided for the livelihood of more than 400,000 families.
Passenger numbers on Lake Balaton ferry services climb
Passenger numbers on vessels of Lake Balaton ferry operator Bahart rose 7pc year-on-year to 157,000 in June, the company said on Thursday. Passenger numbers on Bahart ferries reached 504,000, and 51,000 passengers took cruise boats. The number of bicycles passengers took aboard rose 5pc to 71,000. Bahart has reduced the price of tickets for families with children by more than 10%. Bicycle ticket prices have also been cut by 10%.
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