IIMK LIVE and Indian Bank ink MoU to disburse loans upto Rs 50 Crore for Startups under ‘IndSpring Board’ Scheme
- The 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 upto Rs 50 Crore will be disbursed to the startups.
- The startups can use the loan amount to meet its operational expenditure and capital expenditure which includes working capital, purchase of fixed assets and other expenses.
Points to Remember:
- Which bank has inked MoU with Indian Institute of Management Kozhikode to launch IndSpring Board scheme to provide loan to startups?
- What amount of loan will be disbursed under the IndSpring Board scheme to startups? Rs 50 cr