What we do
Institutional investors
Equity products
AI Co-Investment Facility
Cleantech Co-Investment Facility
Impact investing at the EIF
Climate & Infrastructure Funds
Technology Transfer
European Angels Fund (EAF) - Co-investments with Business Angels
Venture capital
The Social Impact Accelerator (SIA)
Lower mid-market
Mezzanine Facility for Growth
EFSI Equity instrument
Single EU Equity Financial Instrument
COSME - Equity Facility for Growth
InnovFin Equity
Private equity secondary market transactions
EIF-NPI Equity Platform
ESCALAR Programme
Debt products
New ESIF ERDF Guarantee Fund initiative in Greece
EFSI Private Credit Programme
AGRI Guarantee Facility
AGRI Italy Platform Uncapped Guarantee Instrument
Credit enhancement
Cultural and Creative Sectors Guarantee Facility (CCS GF)
ENSI - Securitisation Initiative
Erasmus+ Master Loan Guarantee Facility
Skills & Education Guarantee Pilot
EREM debt products
Single EU Debt Financial Instrument
Documentary Finance Facility – Bulgaria
The SME Initiative
The SME Initiative Bulgaria
The SME Initiative Finland
The SME Initiative Italy
The SME Initiative Malta
The SME Initiative Romania
The SME Initiative Spain
Inclusive finance
EaSI Financial Instruments
EaSI Capacity Building Investments Window
EaSI Guarantee Instrument
EaSI Funded Instrument
European Progress Microfinance Facility
Entrepreneurs supported through Progress Microfinance
European Fund for Strategic Investments (EFSI)
How does EIF contribute to EFSI
How to apply for EFSI financing
Regional Development - Country and sector-specific initiatives
Normandie Garantie Agri
FAIRE - La Réunion
Auvergne Rhône-Alpes FEADER
Recovery Equity Fund of Funds of Bulgaria
Fons d’Inversió en Tecnologia Avançada (FITA) Catalonia
Dutch Future Fund (DFF)
Dutch Alternative Credit Instrument (DACI)
PORTUGAL BLUE: a new initiative for blue economy investments
JEREMIE Greece Reflows – Business Angels’ Co-Investment Equity Instrument
German Corona Matching Facility (CMF)
Portugal Growth programme
Central and Eastern European Technology Transfer (CEETT)
Croatian Growth Investment Programme (CROGIP) II
Croatian Growth Investment Programme (CROGIP)
Croatian Venture Capital Initiative 2 (CVCi 2)
AGRI Italy Platform Uncapped Guarantee Instrument
ALTER’NA – ESIF EARFD Nouvelle-Aquitaine
Baltic Innovation Fund 1 (BIF 1)
Baltic Innovation Fund 2 (BIF 2)
Central Europe Fund of Funds (CEFoF)
Croatian Venture Capital Initiative (CVCi FoF)
Competitiveness Fund-of-Funds for SMEs in Romania
The Cyprus Entrepreneurship Fund (CYPEF)
Deep and Comprehensive Free Trade Area Initiative East Guarantee Facility (DCFTA)
EU4Business Capped Guarantee
Dutch Growth Co-Investment Programme
Dutch Venture Initiative (DVI-II)
ESIF Fund-of-Funds Greece
EAFRD FoF Portugal
EAFRD FoF Romania
The ERP-EIF Facility
ERP-EIF Co-Investment Growth Facility
The LfA-EIF Facilities
The German Future Fund (GFF) - EIF Growth Facility
INAF – French National Agricultural Initiative
ESIF Energy Efficiency and Renewable Energy Malta
Regional Fund-of-Funds Romania
ESIF Fund-of-Funds Czech Republic
The Silesia EIF Fund of Funds
La Financière Région Réunion
The EIB Group Risk Enhancement Mandate (EREM)
Call for Expression of Interest for FOSTER II
Greater Anatolia Guarantee Facility (GAGF)
G43 - Anatolian Venture Capital Fund Project
InvestBG Equity Instrument
Romania Recovery Equity Fund of Funds
JEREMIE Romania Reflows – Equity Instrument
Luxembourg Future Fund 1 (LFF)
Luxembourg Future Fund 2
Mezzanine 'Fund of Fund' for Germany (MDD)
NEOTEC resources
Polish Growth Fund of Funds (PGFF)
Portugal Venture Capital Initiative (PVCi)
Scottish-European Growth Co-Investment Programme
Slovene Equity Growth Investment Programme (SEGIP)
Swedish Venture Initiative (SVI)
Turkish Growth and Innovation Fund (TGIF)
Western Balkans Enterprise Development & Innovation Facility (WB EDIF)
EAFRD FoF Greece
Irish Innovation Seed Fund (IISF)
RRF Czech Republic Fund of Funds

EIF and MVA to support Hungarian SMEs in culture and creative sector with €8.2 million

    Date: 10 March 2021
  • EIF and counter-guarantees will help Hungarian SMEs in the culture and creative sectors, including in the media sector, sustain jobs by unlocking new sources of more accessible financing.
  • Agreement allows MVA to expand its offer and for the first time ever support SMEs from the culture and creative sector
  • The EIF support is backed by the European Fund for Strategic Investment (EFSI).

The European Investment Fund (EIF) and Magyar Vállalkozásfejlesztési Alapítvány (MVA) will provide €8.2 million (HUF 3000 million) to support Hungarian SMEs in the culture and creative sector sustain jobs and recover faster from the COVID-19 pandemic.  

The counter-guarantee agreement will allow MVA to increase its capability to provide guarantees to Hungarian small and medium-sized enterprises (SMEs) and small public enterprises in the cultural and creative sectors, which are particularly hit by the COVID-19 pandemic. The financing will also help smaller media businesses to obtain better access to finance and overcome the challenges they are facing due to the crisis.

The EIF - MVA cooperation reinforces the ability of the national financial sector in Hungary to fuel faster recovery of Hungary from COVID-19 without jeopardizing its long-term stability.

Backed by the European Commission’s Cultural and Creative Sectors Guarantee Facility the agreement is also supported from the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.

EIF Chief Executive Alain Godard added:Businesses in the cultural and creative sectors typically have difficulty accessing finance. This is due to the often perceived high risk of their operations and limited available collateral. With EU backing, today we are announcing a first-of-its-kind operation in Hungary that will unlock €10 million of new financing for businesses and small public enterprises in the cultural and creative sectors. We are happy to be leveraging our long standing cooperation with Magyar Vállalkozásfejlesztési Alapítvány to help Hungarian businesses sustain jobs in these sectors during the COVID-19 economic recovery.”

European Commissioner for Internal Market, Thierry Breton, said: “The COVID-19 pandemic continues to heavily affect SMEs in the culture and creative sector. Today’s agreement with Magyar Vállalkozásfejlesztési Alapítvány, supported by EFSI under the EU Cultural and Creative Sectors Guarantee Facility, will help the recovery and support jobs in Hungary’s culture and creative sector. By enhancing their access to finance, cultural and creative businesses will be enabled to continue to contribute to Europe’s rich creative landscape.”

MVA Chairman Dr. Imre Csuhaj-Varju added: “The agreement with the EIF is an important milestone in MVA’s 30-year history. The agreement allows us to extend our Start Guarantee Program, launched 15 years ago, to the creative and cultural sector, which has seen double-digit growth in Hungary every year over the past decade and now employs more than 150,000 people. The COVID-19 pandemic has shattered recent growth and access to credit for the 70,000 businesses operating in this sector has narrowed. With the EIF's counter-guarantee, we can enter the market with a new credit guarantee product that is tailored to the specifics of the sector in terms of collateral. We are confident that the HUF 3 billion guarantee facility available to us will be fully utilized in a short period of time. We see serious opportunities, especially in festival organization, the film and fashion industry.”

With the counter-guarantees from EIF, the MVA will expand the portfolio of its services to include for the first time ever SMEs in the culture and creative sectors.

Background information:

About the EIF: The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, the EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.

About Magyar Vállalkozásfejlesztési Alapítvány (MVA): MVA is a private foundation established in 1990 by the Government of Hungary; with the mission to support the development, promotion and financing of SMEs in Hungary. It benefits from longstanding experience in micro-credits and guarantees.

About the European Fund for Strategic Investments (EFSI): The European Fund for Strategic Investments (EFSI) is the main pillar of the Investment Plan for Europe. It provides first loss guarantees enabling the EIB to invest in more, often riskier projects. The projects and agreements approved for financing under EFSI are expected to mobilise €546.5 billion in investment, supporting over 1.4 million start-ups and SMEs across the European Union.

In Hungary some 28,000 SMEs are set to benefit through EFSI support, which is set to trigger some €4.6 billion in investments.

Cultural and Creative Sectors Guarantee Facility (CCS GF): The CCS GF benefits micro-businesses and SMEs in the cultural and creative sectors, which often face difficulties in accessing affordable debt financing for their projects. The EIF’s guarantee aims to change that. Loans supported by the European Union under CCS GF are now available for business in all of the participating countries, which include the EU Member States, Iceland and Norway. The initiative is expected to create more than €2 billion of new loans and other financial products for final beneficiaries through the guarantee’s catalytic effect. The guarantee facility encourages financial intermediaries to adopt a specific credit assessment approach with SMEs and organisations. They also have the opportunity to receive customised training to better understand the specific needs of the cultural and creative sector projects to increase their engagement in this area.

Press contacts:

Tibor Jona, t.jona@eib.org, tel.: +352 691 287 052
Website: www.eib.org/press - Press Office: +352 4379 21000 – press@eib.org
Follow us on Twitter @eif_eu 

MVA Press Office

Csaba Zoltán, csaba.zoltan@startgarancia.hu, tel: +361 371 0745, mobile: +3630 680 4172


We use cookies to give the best browser experience on our website. or change cookie settings.

Note: Following the recent withdrawal of the United Kingdom from the European Union, we are updating the relevant EIF.org pages.


Copyright ©

 European Investment Fund   – The European Investment Fund is not responsible for the content of external internet sites.