Tag: ind spring board

Indian Bank signs MoU with IIM-B incubation arm, to disburse exclusive loans to start-ups, BFSI News, ET BFSI

Banking & Finance

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CHENNAI: Indian Bank has signed a Memorandum of Understanding (MoU) with the incubation arm of Indian Institute of Management-Bangalore (IIM-B) for extending exclusive credits to start-ups.

The incubation arm of the IIM-B, NSRCEL, is a platform, which brings together the start-ups, industry mentors and eminent academicians and researchers from the parent institution for continuous interaction.

As per the MoU, the NSRCEL will identify start-ups and MSMEs based on their credentials and past experience and refer them to the bank for financial assistance.

The bank will extend loans of up to Rs 50 crore to these start-ups under its ‘Ind Spring Board’ scheme, which is exclusively tailored for the task.

While announcing the development, Padmaja Chunduru, Managing Director and Chief Executive Officer of Indian Bank, highlighted the start-ups’ unique needs and requirement of suitable counselling and training for tapping equity and debt funding.

The Indian Bank also has a business mentoring programme, MSME Prerana, to empower such entrepreneurs through skill development and capacity building workshops in local languages.



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Indian Bank inks pact with IIT-Guwahati’s centre for start-up financing

Banking & Finance

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Chennai-headquartered Indian Bank has signed an agreement with IIT Guwahati Technology Incubation Centre (TIC) for financing start-ups under Bank’s loan product “IND Spring Board”.

The MoU was signed by K S Sudhakara Rao, General Manager (MSME), Indian Bank and Professor R. Ganesh Narayanan – Technology Incubation Centre (TIC), IIT-Guwahati on Thursday.

Indian Bank’s ‘Ind Spring Board” scheme aims to empower start-ups to realise their research efforts powered by financial support from the bank. Under this product, the bank supports start-ups by extending up to ₹50 crore as working capital and fund-based term loan requirements for acquiring fixed assets.

“The Bank is committed to economic upliftment and boosting the entrepreneurship of the people of Assam and Northeast India. This is a step in that direction,” said a statement.

Indian Institute of Technology Guwahati- Technology Incubation Centre (IITG-TIC) encourages youth to take advantage of this initiative who have creative pursuits with an inherent zeal to be entrepreneurs.

The bank has already tied up with IIT-Madras, IISc-Bengaluru and Chennai Angels for identifying the eligible start-ups for finance under this scheme.

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