The Kerala Start-up Mission and YES Bank are joining hands to provide a host of corporate and commercial banking services focused on start-ups in the state. The Start-up Mission is the nodal agency of the Kerala government, aimed at development of entrepreneurship and incubation activities in the state.

Saji Gopinath, CEO of the Mission, and Sanil Chorinchath, Vice-President, Transaction Banking, YES Bank, have signed an MoU to give effect to the new dispensation. According to the terms of the MoU, YES Bank will provide and render platforms/ services to the start-ups, subject to relevant contractual arrangements.

It will offer a 'special current account proposition' to all associated start-ups, including a ‘no minimum balance commitment’ for one year after starting a current account with the bank. The bank will look at, on a case-to-case basis, structured financial solutions for start-ups recommended by the Start-up Mission with less than three years of operating history under the 'receivable discounting programme’. It will also provide structured loan offerings to incubators.

YES Bank offers credit facility up to Rs 1 crore through the Credit Guarantee Scheme for Stand Up India (CGSSI) under a guarantee given by the Centre. The bank will also offer a host of services through strategic third-party partnerships. These include investor interface, acceleration and mentoring, financial advisory, and pro-working space. Besides business credit card facilities, it also gives start-ups logo acknowledgement on the website and collaterals under the ‘Partners’ section of the YES Head Startup (YHS) Programme.

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