Innovation Fund for Lorestan Province

An innovation support fund has been jointly established in the western province of Lorestan by the province's Science and Technology Park and the state-backed Iran National Innovation Fund.
Speaking at the opening event held early this week, Amin Hassanvand, deputy director of the tech park, said the provincial fund will financially support fledgling startups and knowledge-based companies, and facilitate their growth, IRNA reported.
Although the fund has been established with a limited initial investment of 30 billion rials ($222,000), Hassanvand said that in the near future, the financial clout of the center will increase as private investors and the government inject more money. 
"Currently, the fund is ready to offer cheap loans at an interest rate of 4-16% to tech units," he added. 
Hassanvand noted that as part of efforts to support the development of technology ecosystem in the region, 20 hectares of Lorestan University's campus have been earmarked to build an innovation center.