Sci & Tech

H1 Loans for Tech Firms Hit $7.5m

Through the Noafarin Scheme, an initiative set up by Iran’s Information Technology Organization, 341 budding tech entities have received 2.1 trillion rials ($7.58 million) in loans during March 21-Sept. 22
H1 Loans for Tech Firms Hit $7.5m
H1 Loans for Tech Firms Hit $7.5m

Iran's Information Technology Organization has loaned 2.1 trillion rials ($7.58 million) to 341 knowledge-based companies and startups in the first half of the current fiscal year (March 21-Sept. 22).
According to Shohreh Nasseri, an official with ITO, financial aid has been paid to tech entities working on mobile games, tech infrastructural projects, online service providers, startup accelerators and fledgling household businesses, Peivast reported.
She added that the amount of loans averaged 100 billion rials ($361,000) during the period, such that 8% of total lending have been paid to cushion the effects of the Covid-19 pandemic on fledgling startups.
“With the growing number of aspiring tech teams and their rising demand for hosting, online security and digital marketing services, ITO intends to expand its multifaceted support,” she said.
"At present, ITO supports 12,000 tech teams, with the number growing by the day."


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