The Iranian government has approved to allocate a fixed budget for dispensing loans to home businesses as the country seeks to provide more support for self-employed people and to encourage more economic activity among women in the country.

Iran�s labor minister Mohammad Shariatmadari said on Monday that a fixed sum of 20 trillion rials ($80 million) will be available annually for offering cheap loans to home businesses.

Shariatmadari said the funding will mostly target women and housewives who rely on home businesses for their living.

He said over 350,000 people have applied to receive loans under the home business scheme.

The announcement was made after a last Cabinet session of the incumbent administrative government in Iran.

Shariatmadari expressed hope that a new administration that takes office later this week would pay due attention to home businesses.