NSFund, Parsian Bank Supporting Startups

Parsian Bank and the government-backed Innovation and Prosperity Fund (NSFund) signed a memorandum of understanding over the weekend under which the bank will offer loans to knowledge-based businesses and startups. The agreement was signed by Parsian Bank CEO Kourosh Parvizian and the NSFund director Behzad Soltani, the bank’s website reported. As per the deal, the bank will also invest in the fund. Details about the investment have not been released. The bank will issue letters of credit for knowledge-based businesses and startups that are backed by the NSFund. Soltani said, “Startups that have registered with the fund will be introduced to Parsian Bank for loans and grants.” The NSFund started operations in 2013 soon after President Hassan Rouhani took office. So far it has received over 3,700 requests for loans of which 2,070 have been approved, and aid packages worth 16.47 trillion rials ($396 million) have been allocated.