One page for decision-makers at MFB and ministry level: what has been completed, where we stand, and which steps lead to the launch of the programme. Every milestone on the winding road is clickable; the details can be found on the full overview page.
The green section is the road already travelled – the achievements; the gold marker is where we stand today; the light section shows the next steps to the finish: first disbursement in the first quarter of 2027. Click on the markers, or step through them with the arrows.
Statements of fact with source and date; the modelled figures are planning assumptions, not commitments.
890,046 active micro-enterprises make up 95.7% of all enterprises; where there is no real-estate collateral and no credit history, banks do not lend. Social-purpose microcredit is a social-policy instrument; its yardstick is the public cost per unit. Refinancing of existing loans is excluded, and it does not compete with the Széchenyi Microcredit scheme: one segment – one instrument.
KSH STADAT 9.1.1.8 (2023) · Comprehensive Study · explanatory paper, 20 Oct 2026Approved portfolio guarantee: HUF 3.65 bn (= EUR 10 M) guaranteed volume, HUF 365 M (= EUR 1 M) guarantee cap, 80% guarantee rate, 10% cap rate, 3-year inclusion period, 12-year term. The guarantee shares the risk; it does not replace a single forint of lending capital: without domestic capital there is no lending, and without lending there is no next tranche.
EIF written confirmation, 15 Oct 2026 · signing of the guarantee agreement expected in the coming weeks; the final terms will be set out in itThe guaranteed pillar's requirement for 2027 is ~HUF 4.7 bn (≈ EUR 11.75 M; 4.0 revolving capital + ~0.7 operations; phased as 3.0 + 2.4), and the full programme ~HUF 40 bn (≈ EUR 100 M) in tranches. Form: a conditional grant transferred into the lender's ownership – not refinancing, not asset management – because only the owner can lend, and only an organisation bearing its own risk can act as the intermediary of an EU guarantee instrument. The natural sources are the earmarked public assets and the JEREMIE reflows.
Funding sheet, 20 Oct 2026 · planning assumption, 400 HUF/EURThe ministry's working committee recorded in 2004 that a state fund “can only be created by law”. T1 (on microcredit activity, 41 sections) is the legal basis of the conditional grant; T2 (transitional provisions, 19 sections) entails no budgetary expenditure, does not decide questions of ownership, and recognises the county foundations' own assets. Proposed route: a private member's bill with the Government's supporting position, in the autumn session.
T1 v2.18 · T2 v2.08 · 19 Oct 2026 · constitutional and State aid opinions still requiredUnder the agreement of 17 May 2000, the Minister for the Economy – as the owner's representative – may immediately request an account of the public funds under management; the 2025 annual report of MVA (Hungarian Foundation for Enterprise Promotion) shows HUF 20.65 bn (≈ EUR 51.6 M) in “Financing Funds”. The draft request letter and three reconciliation workbooks are with the ministry. This figure is the numerical basis of every further decision – the HUF 4–5 bn (≈ EUR 10–12.5 M) is a 2004 order of magnitude; today's value will be established by the asset inventory.
Handed over to Deputy State Secretary László Hunyadi on 1 and 6 Oct 2026 · no court has decided the question of ownershipHUF 1–19.9 M (≈ EUR 2,500–50,000): non-profit tier (HSCF (MFKA) and the Microcredit Points, collateral-free, with the EIF guarantee); HUF 20–150 M (≈ EUR 50,000–375,000): growth loans from financial enterprises refinanced by MFB. The two tiers are linked by graduation gates and the Credinfo data connection: the repayment history built up can be passed on as a “credit passport”. Loss assumption: 3% base path, 7% prudential stress – the reference figures (JEREMIE 1.42%, RVA 0.00%) relate to collateralised portfolios.
MFB meeting, 21 Oct 2026 · working group proposed within 30 daysWhat each actor needs to do in the coming months so that the first disbursement can take place in the first quarter of 2027.