IIMK LIVE and Indian Bank ink MoU to disburse loans upto Rs 50 Crore for Startups under ‘IndSpring Board’ Scheme

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:

1. Which bank has inked MoU with Indian Institute of Management Kozhikode to launch IndSpring Board scheme to provide loan to startups?
2. What amount of loan will be disbursed under the IndSpring Board scheme to startups? Rs 50 cr