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Hungarian agri-food SMEs to receive support under the Commission’s State aid Temporary Framework

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The European Commission has approved a Hungarian scheme to support the agri-food value chain in the context of the coronavirus outbreak, which is expected to mobilise at least approximately €314 million (approx. HUF 111 billion). The scheme will be open to small and medium-sized enterprises (SMEs) active in all sectors, but is aimed at the wider agri-food value chain. The objective of the measure is to provide those companies with financial means to cover their immediate working capital and investment needs, and help them maintain their activities during these difficult times.

Executive Vice-President Margrethe Vestager, in charge of competition policy, said: “This Hungarian guarantee scheme, expected to mobilise at least €314 million, will support the Hungarian agriculture and food industry, as well as the wider agriculture and bio-economy value chain. This measure will improve the liquidity of businesses and help them continue their activities in these difficult times. We continue working closely with Member States to ensure that national support measures can be put in place quickly and effectively, in line with EU rules.

The scheme was approved under the State aid Temporary Framework adopted by the Commission on 19 March 2020, as amended on 3 April 2020. The Temporary Framework enables Member States to combine support measures, with the exception of loans and guarantees for the same loan and exceeding the thresholds foreseen by the Temporary Framework.

The Framework allows Member States to provide the following types of aid:

  • Direct grants, equity injections, selective tax advantages and advance payments
  • State guarantees for loans taken by companies
  • Subsidised public loans to companies 
  • Safeguards for banks that channel State aid to the real economy 
  • Public short-term export credit insurance 
  • Support for coronavirus related research and development (R&D) 
  • Support for the construction and upscaling of testing facilities 
  • Support for the production of products relevant to tackle the coronavirus outbreak 
  • Targeted support in the form of deferral of tax payments and/or suspensions of social security contributions 
  • Targeted support in the form of wage subsidies for employees 

More detailed information on the Temporary Framework can be found here.

The full original press release can be found here in the Commission Press Corner.

Global Entrepreneurship Summit 2019

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The 2019 Global Entrepreneurship Summit (GES) is THE place to be for innovators, entrepreneurs and trailblazers from across five innovation sectors. Taking place from June 4-5 in the Netherlands, the GES 2019 will be focusing on Agriculture, Connectivity, Energy, Health, or Water, and is looking for transformative technological solutions in each sector.

This will be the first time that the GES comes to the European Union, and will be co-hosted by both the governments of the Netherlands and the United States of America. This 9th edition of this globally known event aims to drive global innovation and celebrate the free-market economy that supports jobs, growth, and transformative solutions to global challenges. It will also serve to build on strong transatlantic relationships and common values, promote economic growth, fair trade, and encourage investment in entrepreneurial activity that creates prosperity and jobs.

The event provides the ultimate networking opportunity for scale ups, innovators, entrepreneurs and investors to meet, discuss and ultimately innovate together to improve innovation across the five sectors.

Applications close on 30 January 2019 so if you want to be considered for a place at GES 2019 don’t delay and apply today!

For more details look at the GES 2019 application page.

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