Visa Awards Women-Owned Businesses in Hungary

For the first time, Visa has awarded women-owned businesses in Hungary, with the five winners receiving HUF 2 million each and one-year mentoring, Visa told MTI on Friday.

Visa's She's Next program provides financing, management and development assistance to women-owned businesses. Almost 400 businesses applied to the competition, which was launched in Hungary in March, 87% of which were micro-enterprises from a wide range of industries, including health/lifestyle, retail, fashion and the arts.

On June 15, a panel of experts and entrepreneurs heard the concepts and business plans of the ten finalists. The jury then selected the five winners.

Among the winners is Fajszi Paprika Manufaktúra, which has been growing and processing artisanal paprika from Hungarian farms on almost 30 hectares since 1990. The grant will be used mainly to improve equipment, increase the size of the plant and build a greenhouse.

The Fatipli Workshop, which produces custom-made furniture, will primarily focus on upgrading its machinery and launching a woodworking and furniture-making workshop program, mainly for women.

Kitec Educations promotes project-based education with an international team of native teachers. The funding will be used to establish the 'Green Farm' Education Centre. This eco-centered learning center will enable children to gain hands-on experience in sustainability and environmental protection alongside language skills.

The PregHello mobile app aims to make the daily life of mothers easier. The grant would be used to enhance the user interface, to provide families with useful information in the postnatal period and to further develop their business.

Seed Bonbon Handmade, which makes plantable seed bonbons and seed papers using recycled office paper, was also awarded the grant and mentoring. These products can be used as eco-friendly gifts as they contain plant seeds. The company intends to use the funding to enter the international market and overcome the logistical challenges this entails.

It was recalled that Visa has made a multi-year commitment to digitize 50 million small and medium enterprises in 2020, while focusing on promoting women's economic development. Since the launch of Visa's She's Next program in 2020, the company has invested more than USD 2.8 million to support and mentor more than 260 women entrepreneurs worldwide. Hungary and Slovakia joined the initiative in spring 2023.