Indian Bank signs MOU with SID of IISc, for funding Start-ups and MSMEs

State-owned Indian Bank onFriday said it has entered into an MOU with Society forInnovation and Development (SID), an initiative of IndianInstitute of Science, for extending exclusive credit facilityto Start-ups and MSMEs.

This initiative is a part of the Banks schemeInd Spring Board for financing Start-ups and will empowerStart-ups and MSMEs to realise their research efforts poweredby financial support from the Bank and backed by incubationfacilities offered by SID, it said in a release.

The Bank will extend loans of up to Rs 50 crore tothese start-ups for their working capital requirements or forpurchase of machinery, equipment etc, it added.

Stating that SID is the forerunner in setting upjoint R&D with industries and supporting start-up incubation,the bank said, it provides support to the MSME sector byproviding joint research and development arrangements andtechnical and financial support for incubation andacceleration of high-end technology products under itsdepartment named TIME2.(Technology Innovation for MidsizedEnterprises).

Under the MOU, SID will identify the start-ups andMSMEs based on their credentials and past experience and willrefer the list of such members who require financialassistance to the Bank, it added.