$37m in Bank Loans for Iranian Startups

Four local banks have reached a multilateral deal with the state-backed Iran National Innovation Fund to provide low-interest loans worth 10 trillion rials ($37 million) to emerging knowledge-based firms and startups. 
Bank Saderat Iran, Bank Tejarat, Bank Mellat and Bank Ayandeh signed a pact late last week to give the money to tech teams introduced by INIF, Peivast reported.
Ali Vahdat, the fund's chief, stated that each applicant company will receive 5 trillion rials ($18.5 million) in lending, depending on their level of development and number of employees, "as newly founded and smaller businesses will receive bigger payouts”.
The official emphasized the importance of seed money for fledgling tech enterprises, noting that a positive relationship has formed over the last two years between local banks and the fund, which offers more integrated financial aid.