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SINE-IIT Bombay and Indian Bank to Collaborate for Funding Start-ups

The Society for Innovation and Entrepreneurship (SINE) IIT Bombay entered into a memorandum of understanding (MoU) with state-owned Indian Bank on Monday for extending credit facility to start-ups and small businesses.

SINE, IIT Bombay, has supported the Micro, Small, and Medium Enterprises industrial sector by providing joint research and development arrangements and technical and financial support for facilitating incubation and acceleration of high-end technology products.

Under the arranged MoU, SINE, IIT Bombay will identify the start-ups and enterprises who require financial assistance and based on experience and credentials and refer them to the bank. Indian Bank will extend loans of up to INR 50 Crore to these start-ups for production inputs, including working capital requirements or purchase of machinery, equipment, among others.