Kolkata: Indian Bank signs MoU with IIT Guwahati Technology Incubation Centre (TIC) for financing Startups under Bank’s loan product “IND SpringBoard”.
Indian Bank signed the MoU with IIT Guwahati Technology Incubation Centre (TIC) on 22.07.2021 for funding eligible Startups under the “IND SpringBoard” scheme of the Bank. The MoU was signed by K S Sudhakara Rao, General Manager (MSME), Indian Bank and Professor R. Ganesh Narayanan – Technology Incubation Centre (TIC), IIT-Guwahati, in presence of G. Krishnamoorthy, Dean, IIT Guwahati, and Sashi Bhusan Dash, Field General Manager, Kolkata-II.
Indian Bank is one of the pioneers in launching various customer-specific loan products. Start-ups generally find it difficult in getting Banking support for working capital at the time of expansion of their commercial products as they do not fulfil the requirements under the traditional model of financing. Bank has taken an initiative to address this by launching a loan product “IND SpringBoard” which will empower Startups in realizing their research efforts powered by financial support from Bank.
Under this product, Bank supports start-ups by extending credit facilities up to Rs.50 Crore for Working Capital requirements and also fund based Term Loan requirements for acquiring fixed assets for their unit. It is one of its kind in the North-Eastern part of India. Indian Bank is committed to economic upliftment and boosting the entrepreneurship of the people of Assam and North East India. This is a step in that direction.
Indian Institute of Technology Guwahati, the sixth member of the IIT fraternity, was established in 1994. At present, the Institute has eleven departments and five interdisciplinary academic centres covering all the major engineering, science and humanities disciplines. Indian Institute of Technology Guwahati- Technology Incubation Centre (IITG-TIC) is a space for new-age entrepreneurs and young minds to transform their innovative ideas into viable business propositions. They encourage young enthusiastic with creative pursuits with an inherent zeal to be entrepreneurs to take advantage of this noble initiative.
On this occasion Zonal Manager Guwahati Chandaneswar Goswami, officials from Indian Bank, IIT Guwahati and Start-up entrepreneurs were also present.