IIM-K and Indian Bank sign MoU to support start-ups

Insight Online News

Kozhikode, Jan 13 : The Business Incubator Laboratory for Innovation Venturing and Entrepreneurship (LIVE) of the Indian Institute of Management, Kozhikode (IIM-K) has signed a Memorandum of Understanding (MoU) with Indian Bank to fund start-ups, it was announced on Thursday.

A press note of the IIM-K said the objective of the scheme, titled, ‘IndSpring Board’, is to support early stage startups by providing loans upto Rs 50 Crore.

The loan amount disbursed to startups under the “IndSpring Board” scheme from IIM-K LIVE and Indian Bank can be used to meet a startups operational expenditure and capital expenditure which includes working capital, purchase of fixed assets and other expenses, the press note said.

Startups selected under this scheme will focus on innovation, development or improvement of products or processes or services, or present a scalable business model with a high potential of employment generation or wealth creation.

The MoU was signed by Prof Rajesh Upadhyayula, Executive Director, IIM-K LIVE and B Vijaya, Zonal Manager, Indian Bank, Kozhikode Zone in the presence of Prof. Debashis Chatterjee, Director IIMK and Imran Amin Siddiqui, Executive Director, Indian Bank.

UNIINDIA

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