BAKU, Azerbaijan, October 29. Startup lending in Iran increased by 52.8 percent from March 20 through September 21, 2024, compared to the same period of last year (from March 21 through September 22, 2023).
Data obtained by Trend from the statistics of the Iranian Central Bank indicates that Iranian banks extended loans worth 1.6 trillion rials (about $3.57 billion) to startup companies during the reporting period.
“Iranian banks extended 1.05 quadrillion rials (about $2.34 billion) worth of loans to 1,970 startups during the same period last year.
Iran's state-owned banks extended loans totaling 260 trillion rials (about $581 million) to 395 startups in the first half of this year, reflecting a notable increase of 41.2 percent compared to the same period last year, when loans amounted to 184 trillion rials (about $412 million).
Additionally, non-state banks issued approximately 1.34 quadrillion rials (about $2.99 billion) to 1,603 startups during the same six-month period, representing a remarkable growth of 55.3 percent from the previous year.
Last year, non-state banks provided loans worth 862 trillion rials (about $1.92 billion) to startups,” the report noted.
To note, the Iranian government is focusing on providing loans to these companies to maximize the potential of start-ups in various sectors, including energy, agriculture, and industry.