State-owned Indian Bank said it has entered a MOU with Society for Innovation and Development (SID), an activity of Indian Institute of Science, for stretching out select credit facility to Start-ups and MSMEs.
This activity is a part of the Banks scheme Ind Spring Board for financing Start-ups and will enable Start-ups and MSMEs to understand their research efforts powered by financial help from the Bank and upheld by brooding offices offered by SID, it said in a delivery.
The Bank will stretch out credits of up to Rs 50 crore to these new startup for their working capital requirement or for acquisition of hardware, gear and so forth, it added.
Expressing that SID is the precursor in setting up joint R&D with businesses and supporting startup brooding, the bank said, it offers help to the MSME sector by giving joint innovative work plans and specialized and financial help for growth and speeding up of top-of-the-line innovation products under its specialty named TIME2.(Technology Innovation for Midsized Enterprises).
Under the MOU, SID will recognize the new startup and MSMEs dependent on their certifications and experience and will allude the rundown of such member who need financial help from the Bank.