INIF Loans $200m to Startups

State-affiliated Iran National Innovation Fund has lent 50 trillion rials ($201.61 million) to knowledge-based businesses in the current Iranian year (ending March 20).
Ali Vahdat, the head of INIF, said depending on the scale and field of activity of startups, low-interest loans worth 500 billion rials ($2 million) were paid, according to the fund’s website.
“These firms have matured to the point that they know how to invest the money into their development,” he said.
“INIF also held weekend events during which startups introduced their products and achievements to attract private investors. If they raise 20% of the money they need, the fund pays the remaining 80%.”
According to Vahdat, the strategy would curb the state’s role in financing the startup ecosystem and help firms become more independent of state support.
INIF has hosted 20 such events during the past 11 months, connecting 125 startups with 300 investors.