Economy, Business And Markets

$5.2b in Loans for SMEs

$5.2b in Loans for SMEs$5.2b in Loans for SMEs

Banking facilities to the tune of 160,000 billion ($5.29 billion at market exchange rate) will be granted to 2,000 small- and medium-sized enterprises, Minister of Industries, Mining and Trade Mohammad Reza Nematzadeh announced on Saturday.

“The ministry is also determined to resolve the problems of SMEs that have stopped operating in the past few years. These enterprises constitute 17% of the total number of such businesses across the country,” he added. Nematzadeh noted that their main challenge is shortage of working capital. "These SMEs are often denied bank facilities due to their debt profile,” IRNA quoted the minister as saying.