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

Funding to be done under 'IND Spring Board' initiative for both working capital and fixed asset purchases

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 history is sparse, and the