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IIMK LIVE and Indian Bank ink MoU to disburse loans upto Rs 50 Crore for Startups

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.

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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.

Important takeaways for all competitive exams:

  • Indian Bank Headquarters: Chennai;
  • Indian Bank CEO: Shri Shanti Lal Jain;
  • Indian Bank Founded: 15 August 1907.

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