In order to extend support to Start-ups under the program ‘IND Spring Board’, Indian Bank made an agreement with The Chennai Angels, an angel investment group on April 22, 2021.
About IND Spring Board:
- Purpose: To support Start-ups for the expansion of their commercial production.
- Credit Facility to start-up: Under this programme, Indian Bank will provide credit facilities of up to Rs 50 crore for working capital requirements and also provide term loan requirements for acquiring fixed assets for their unit.
About Angel Investors:
An angel investor (also known as a private investor, seed investor, or angel funder) is a high-net-worth individual who provides financial service for small startups or entrepreneurs, typically in exchange for ownership equity in the company.
Eligibility:
- An individual angel investor should have a net tangible asset of at least 2 crores excluding the value of his principal residence and with at least 10 years of investment experience
- The net worth should be at least 10 crore
Recent Related News:
Indian Bank is all set to divest full or partial in joint venture entity ASREC (India) Ltd as part of asset monetisation. This decision has been taken by the board of directors (BoDs) of the bank during a meeting held on March 5, 2021. Currently, the bank holds a 38.26% stake in ASREC (India) Ltd.
About Indian Bank:
Establishment– 1907
MD&CEO – Padmaja Chunduru
Headquarters– Chennai, Tamil Nadu
Tagline– Your Own Bank
About The Chennai Angles:
Establishment – November 2007
Headquarters – Chennai, Tamil Nadu
