Indian Institute of Management Kozhikode’s (IIMK) Business incubator Laboratory for Innovation Venturing and Entrepreneurship (LIVE) has signed a Memorandum of Understanding (MoU) with the Indian Bank to financially support early-stage startups. Under the MoU, a startup funding scheme, ‘IndSpring Board’ has been launched. Under this scheme loans up to Rs, 50 Crore will be disbursed to the startups.
Benefit of the MoU:
- The startups can use the loan amount to meet their operational expenditure and capital expenditure which includes working capital, purchase of fixed assets and other expenses.
- The loan amount disbursed to startups under the IndSpring Board scheme from IIMK LIVE and Indian Bank can be used to meet a startup operational expenditure and capital expenditure which includes working capital, purchase of fixed assets and other expenses.
- Startups selected under this scheme would have to be committed towards working 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.
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