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Indian Bank has signed an agreement with The Chennai Angles for financing start-ups under its loan programme, ‘IND Spring Board.
Start-ups generally find it difficult in getting support for working capital at the time of expansion of their commercial production. Indian Bank has taken an initiative to address this by launching IND Spring Board.
Under this product, the bank will support start-ups by extending credit facilities of up to ₹50 crore for working capital requirements and also fund term loan requirements for acquiring fixed assets for their unit, according to a statement.
To further extend its support to start-ups, Indian Bank, on Thursday, signed an MoU with The Chennai Angels.
The Chennai Angels, an angel investment group based in Chennai, was established with the objective of fostering entrepreneurship with prime focus on nurturing and mentoring new-generation entrepreneurs. The group has already invested in more than 50 start-ups in different sectors.
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