IIM Kozhikode and Indian Bank ink pact
The Hindu
Loans up to ₹50 crore for start-ups
The Indian Institute of Management Kozhikode’s business incubator Laboratory for Innovation Venturing and Entrepreneurship (LIVE) and Indian Bank signed a game-changing Memorandum of Understanding (MoU) here on Thursday.
The pact launched a start-up funding scheme, ‘IndSpring Board’, to support early-stage start-ups by providing loans up to ₹50 crore, in the presence of Prof. Debashis Chatterjee, Director, IIM-K and Imran Amin Siddiqui, Executive Director of the Chennai headquartered Indian Bank, a statement said here.
The loan amount disbursed to start-ups under the IndSpring Board scheme from IIM-K LIVE and Indian Bank will be used to meet a start-up operational expenditure and capital expenditure which include working capital, purchase of fixed assets and other expenses. Start-ups selected under the scheme would have to be committed to working on innovation, improvement of products, processes or services, and present a scalable business model with a high potential of employment generation and wealth creation.
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