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Indian Bank ties up with IIT-Madras to lend up to Rs 50 crore to start-ups

Indian Bank has collaborated with IIT Madras Incubation cell to launch ‘IND Spring Board’, an initiative for funding start-ups. The Bank will extend loans of up to Rs 50 crore to these start-ups for their working capital requirements or purchase of machinery and equipment.

Padmaja Chunduru, MD & CEO, Indian Bank said that it is a known fact that banks are finding it difficult to fund start-ups, as they do not meet the requirements under traditional models of financing. Start-up typically have a high technology business model, in which cash flow visibility is low, credit …