Money & Banking

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

Our Bureau Chennai | Updated on July 23, 2021

Named IND Spring Board, the start-ups are to be extended credit up to ₹50 crore.

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.

Published on July 23, 2021

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