Social-purpose microcredit programme · roadmap

From the start to the first disbursement

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.

35 yearsWorking networknetwork since 1991, microcredit since 1992
95.7%Micro-enterprises890,046 active enterprises · KSH 2023
HUF 3.65 bnEIF-guaranteed volume= EUR 10 M · InvestEU · approved 21 Sep 2026 · in writing 15 Oct
Q1 2027First disbursementsubject to decision and domestic capital · EIF agreement signing in the coming weeks
Roadmap

Thirteen milestones to the finish

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.

Key findings

Six things that matter at MFB and ministry level

Statements of fact with source and date; the modelled figures are planning assumptions, not commitments.

01

Market failure, not a financial-market product

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 2026
02

The EIF provides a guarantee – not capital

Approved 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 it
03

Domestic capital: HUF 4.7 bn in 2027

The 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/EUR
04

A law missing for 22 years – T1 and T2 ready for submission

The 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 required
05

Settlement of the legacy funds can start without a law

Under 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 ownership
06

Two-tier architecture with MFB

HUF 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 days
Next steps

Whose move it is

What each actor needs to do in the coming months so that the first disbursement can take place in the first quarter of 2027.

GEM – ministry

T+30 · by 20 Nov 2026
  • State Secretary's decision to proceed
  • The Government's supporting position
  • Submission of T1/T2 (autumn session)
  • Data request to MVA under the agreement of 17 May 2000
  • Announcement of the programme

Government · Parliament

T+90 → T+180
  • 2027 funding: ~HUF 4.7 bn (≈ EUR 11.75 M) conditional grant (within 90 days)
  • Debate and promulgation of T1/T2
  • After promulgation: asset inventory within 30 days, transfer of the earmarked assets within 90 days

MFB

within 30 days
  • MFB–HSCF working group: graduation gates, product boundaries, Credinfo data connection, joint impact indicators
  • Position on assigning the JEREMIE reflows to the programme (Article 78(7) of Regulation (EC) No 1083/2006)
  • Examining the option of a facility channelled through MFB

EIF

in the coming weeks
  • Signing of the guarantee agreement – expected in the coming weeks
  • The final parameters will be set out in the agreement
  • Volume in tranches, according to utilisation

HSCF · network

ongoing
  • Document package and data provision as a priority
  • Completion of the CoGC certification (self-assessment 87%, MicroFinanza Rating assessment in progress)
  • Preparation of ~10 Microcredit Points, expansion of Credinfo
  • First disbursement Q1 2027
Coming weeks signing of the guarantee agreement with the EIF T+30 20 Nov 2026 – decision, submission, data request, announcement T+90 19 Jan 2027 – 2027 funding T+180 19 Apr 2027 – promulgation, earmarked assets Q1 2027 first disbursement