This initiative is a part of the Banks scheme Ind Spring Board for financing Start-ups and will empower Start-ups and MSMEs to realise their research efforts powered by financial support from the Bank and backed by incubation facilities offered by SID, it said in a release.
The Bank will extend loans of up to Rs 50 crore to these start-ups for their working capital requirements or for purchase of machinery, equipment etc, it added.
Stating that SID is the forerunner in setting up joint R&D with industries and supporting start-up incubation, the bank said, it provides support to the MSME sector by providing joint research and development arrangements and technical and financial support for incubation and acceleration of high-end technology products under its department named TIME2.(Technology Innovation for Midsized Enterprises).
Under the MOU, SID will identify the start-ups and MSMEs based on their credentials and past experience and will refer the list of such members who require financial assistance to the Bank, it added.