State Fund Extends $112 Million in Loans to SMEs, Startup Ecosystem

The state-backed Omid Entrepreneurship Fund has paid 28 trillion rials ($112 million) in loans to small- and medium-sized enterprises, knowledge-based companies and startups since the beginning of the current Iranian year (March 2020).
Ali As’habi, the head of OEF’s Empowerment Office, said aid packages are extended to businesses active in the fields of tourism, information and communications technologies, and agriculture, which could create 63,000 jobs, ISNA reported.
“Of the total loans, 18% have been paid to 2,100 eco-lodges and tourism centers, and ICT units received 12%,” he added.
The fund has also boosted research and development in fledgling companies and startups with loans worth 5 billion rials ($20,000), in addition to allocating low-interest loans worth 4 billion rials ($16,000) to business units for renting or equipping workspaces.
As’habi noted that a share of the financial aid was earmarked for small agricultural and mining business units that were inoperative or semi-active.