Indian Bank, IISc-run Society Join Hands To Fund Start-ups And MSME

Indian Bank has entered into an MOU with the Society for Innovation and Development (SID), an initiative of Indian Institute of Science, Bengaluru for extending exclusive credit facility to Start-ups and MSMEs.

SID provides support to the MSME sector by providing joint research and development arrangements and technical & financial support for incubation and acceleration of high-end technology products under its department named “TIME2.”(Technology Innovation for Midsized Enterprises).

Under the MOU, SID will identify the start-ups and MSMEs based on their credentials and past experience and will refer the list of such members who require financial assistance to the Bank.

This initiative is a part of the Bank’s scheme “Ind Spring Board for financing Start-ups” and will empower Start-ups and MSMEs to realise their research efforts powered by financial support from the Bank and backed by incubation facility offered by SID.

The bank will extend loans of up to Rs 50 crore to these start-ups for working capital requirements or for purchase of machinery and equipment. As the name indicates, this initiative, which is mutually beneficial for both Bank and IISc, will be the spring board for start-ups to realise their ambitions.

Indian Bank had also recently launched “MSME Prerana” programme to empower MSME entrepreneurs through skill development and capacity building workshops in local languages.

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor