Federal Bank Partners With TANSIM To Provide Financial Support To TN Start-Ups
Date
2/24/2023 4:52:24 AM
(MENAFN- KNN India)
Federal bank partners with TANSIM to provide financial support to TN start-ups Chennai, Feb 24 (KNN) federal Bank has joined hands with TANSIM, the Tamil Nadu government's start-up initiative to provide financial assistance to the start-ups in the state.
Under this partnership, the Federal Bank will provide loans and grants to start-ups identified by TANSIM, an official statement on Thursday said.
MindEscapes Innovation Center, Nilgiris, is also a collaborating partner to the agreement.
The ultimate goal is to support the Tamil Nadu government's vision of becoming a leading state for innovative start-ups across all sectors.
Speaking about the collaboration, TANSIM's CEO, Sivarajah Ramanathan, said, 'We are ecstatic about joining forces with Federal Bank and MindEscapes to support start-ups in Tamil Nadu.”
“By providing access to capital and other essential resources, we can assist start-ups in taking their businesses to new heights and spur innovation in the state,” he said.
As per reports, the partnership will offer various services including collateral-free loans, lower-cost loans, and grants to eligible start-ups basis Federal Bank's lending policies.
It will also allow curated pitch sessions and workshops, access to a network of industry experts and potential investors, and opportunities for start-ups to work on real-world projects and increase their ideas' visibility.
'Our partnership with TANSIM represents our commitment towards young firms which are strengthening our economy and are creating employment opportunities. We are hopeful that this will give tailwind to more innovation in the country,” said Federal Bank's CEO, Shyam Srinivasan.
This collaboration is a significant step towards building a robust and inclusive start-up ecosystem in the state.
(KNN Bureau)
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