Ayandeh Bank Financing SMEs

EghtesadOnline: Ayandeh Bank is set to provide 3 trillion rials ($80 million) in loans to small- and medium-sized enterprises by the end of the current Iranian year (March 20, 2018), the bank’s website has announced.

News ID: ۷۷۷۰۱۷

16 June 2017

To achieve targets envisioned by Resistance Economy (a set of principles outlined by the Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei to prop up domestic production) and in line with CBI regulations, Ayandeh Bank has taken measures to support economic activities, especially SMEs . The bank also doled out more than 1.4 trillion rials ($37.5 million) to SMEs deemed viable by the Ministry of Industries, Mining and Trade in the last Iranian year (ended March 20, 2017). In June 2016, the Central Bank of Iran ordered banks and credit institutions to allocate a minimum 10% of their loans to small- and medium-sized businesses to help create jobs and lift the beleaguered production sector. By definition, enterprises run by 100 workers or less, and 50 workers or less are considered medium-sized and small respectively, according to Iran’s Small Industries and Industrial Parks Organization.  In July 2016, it was announced that 96% of the 88,000 licensed Iranian businesses are considered small- and medium-sized, according to Financial Tribune.