Citibank Hungary's SME clients have now access to the Combined Credit with Guarantee Program announced by the National Development Office

October 19, 2011

Citibank is pleased to be among the first financial institutions to join the Combined Credit with Guarantee (CCG) Program announced by Hungary’s National Development Office. This allows Citibank’s SME clients wishing to participate in the CCG Program to manage their Economic Operational Program and Central Hungary Operational Program related tender documentation submission and loan application through Citibank in a convenient one-stop shop.

SMEs qualifying to participate in the CCG Program need to have 25 percent of the planned investment project’s budget, which will be complemented with a preferential rate investment loan covering 50 percent of the total project budget provided by Citibank and backed by a guarantee from Garantiqa Hitelgarancia Zrt. The remaining 25 percent funding will be provided by the Hungarian Economic Development Centre in the form of non-refundable EU-funds for all approved tenders. SMEs can easily manage the whole process through Citibank in one process.

Batara Sianturi, Citi Country Officer for Hungary said, “We consider the SMEs one of the key engines for economic growth in Hungary and putting special focus on this sector is core in our business strategy. As a long-term partner we are offering winning solutions to the SME businesses in Hungary to support them in achieving and maintaining a sustainable growth and we are pleased to expand now our own offering with this multi-partner preferential program. We expect this program to facilitate resumption of the investments among SMEs and through supporting the strengthening of this sector it will also have a positive impact on the economic growth in Hungary.”

István Szabó, Head of the Local Commercial Business in Hungary also remarked, “The one-stop shopping allows for a closer collaboration between Citibank and our SME clients and it goes with a lot of benefits for all stakeholders. We can offer our clients a transparent and fast process with decreased administrative burden, the Hungarian Economic Development Centre will receive only promising investment plans by solvent businesses, while for us it is important to see the investing SMEs embarking on a growth trajectory that will necessitate more complex banking services that our skilled team is happy to provide.”