IIMB, Indian Bank ink MoU to provide debt capital for startups freepressjournal.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from freepressjournal.in Daily Mail and Mail on Sunday newspapers.
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(MENAFN - KNN India)
Indian Bank partners with SID for extending credit facility to startups & MSMEs New Delhi, Feb 20 (KNN) Indian Bank has entered into Mutual of Understanding (MoU) with Society for Innovation and Development (SID) for extending exclusive credit facility to start-ups and MSMEs.
As per the MoU, SID will identify the start-ups and MSMEs based on their credentials and past experience and will refer to the list of such members who require financial assistance to the Bank.
The initiative is a part of the bank s scheme Ind Spring Board for financing Start-ups and will empower start-ups and MSMEs to realise their research efforts powered by financial support from the bank and backed by incubation facilities offered by SID.
Indian Bank will extend loans of up to Rs 50 crore to these startups for their working capital requirements or for the purchase of machinery, equipment etc.
Read more about Indian Bank signs MoU with IISc initiative to fund start-ups, MSMEs on Business Standard. State-owned Indian Bank onFriday said it has entered into an MOU with Society for Innovation and Development (SID), an initiative of Indian Institute of Science, for extending exclusive credit facility to Start-ups and MSMEs.This initiative is