Indian Bank signs MOU with Society for Innovation and Development, an initiative of IISc Bengaluru, for funding Start-ups and MSMEs
Indian Bank entered into an MOU with Society for Innovation and Development (SID), an initiative of Indian Institute of Science, Bengaluru on 18.02.2021 for extending exclusive credit facility to Start-ups and MSMEs.
SID is the forerunner in setting up joint R&D with industries and supporting start-up incubation. 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).
Start-ups require funding to expand and grow. One of the most common problems they face is maintaining a positive cash flow. 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 facilities offered by SID. The Bank will extend loans of up to Rs. 50 crores to these start-ups for their working capital requirements or for purchase of machinery, equipment etc. As the name indicates this initiative, which is mutually beneficial for both Bank and IISc, will be the springboard 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.
MOU was signed by Shri Sudhakar Rao (GM, MSME, Indian Bank) and Prof B Gurumoorthy, Chief Executive, SID. Representatives of Indian Bank Shri. Rohit Rishi (FGM, Bengaluru), and Shri P Lakshmi Narayana (ZM, Bengaluru) along with representatives of SID, Shri. Yatishwar Dravid (Head of TIME2) and Shri. Prathap Murthy (Manager, TIME2) was also present.
