What difficulties are facing companies that want to invest in Hungary today? What is the impact on the investment climate of the Growth Loan Program (NHP)? These and other questions are examined in a research conducted by IEER, in which 2,600 company managers were interviewed. The answers showed that the NHP program itself does not increase the appetite for investments, as this program is unable to remedy the negative effects arising from the demand side nor the institutional environment of uncertainty. As far as company managers are concerned, these are the most inhibiting factors.