Kerala Startup Mission & Yes Bank Sign MoU To Help Startups

In an attempt to give a major boost to the startup ecosystem in the state, the Kerala Startup Mission (KSUM) and YES Bank will join hands to provide a host of startup-focused corporate and commercial banking services. KSUM is the nodal agency of the Kerala Government for entrepreneurship development and incubation activities in the state. 

A Memorandum of Understanding (MoU) to this effect was signed by Dr. Saji Gopinath, CEO, KSUM and SanilChorinchath, Vice-President, Transaction Banking, YES Bank. 

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What are the benefits that startups would get?

• YES Bank will provide and render the platforms/services to the startups, subject to the relevant contractual arrangements.
• It will offer Special Current Account Proposition to all associated startups of KSUM, including a ‘no minimum balance commitment’ for one year after starting a current account with the bank.
• The bank will look at structured financial solutions for startups recommended by KSUM with less than three years of operating history under the Receivable Discounting programme, on a case-to-case basis.
• It will also provide structured loan offerings for incubators.
• YES Bank offers a credit facility up to Rs one crore through Credit Guarantee Scheme for Stand Up India (CGSSI), under guarantee given by the Central Government.
• YES Bank will offer a host of services through strategic third-party partnerships. The services include investor interface; acceleration and mentoring; financial advisory; and pro-working space.
• Besides business credit cards facilities for the startups, it also gives logo acknowledgment on website and collaterals under ‘Partners’ section of YES Head Startup (YHS) Programme. 

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