Private sector lender Federal Bank to support startups - Feedback

Kerala-based private sector lender Federal Bank is opening incubation centres for startups in Bangalore and Ernakulam. These specialised lounges in the bank’s branches will offer advice on capital, regulatory support and even disburse funds.

“We have a dedicated startup fund worth Rs 25 crore which we would like to use to fund or lend to promising startups,” said Shyam Srinivasan, managing director of Federal Bank. “These lounges, named Launchpad — with fast internet connections, support staff from the financial world and advisory mechanisms — would be the perfect breeding ground for future entrepreneurs.” The lounges would be manned by bank executives capable of dealing with the financial requirements of startups as well as local specialists who would be able to advise on regulatory issues.

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