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. The inked agreement launched a startup funding scheme, ‘IndSpring Board’ to support early stage startups by providing loans upto 50 Crore INR, in the presence of Prof. Debashis Chatterjee, Director IIMK and Shri. Imran Amin Siddiqui, Executive Director of the Chennai Headquartered Indian Bank.
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.
