Public sector lender, Indian Overseas Bank is likely to provide finance up to Rs 50 lakh to micro, small and medium enterprises in the manufacturing sector while Rs 25 lakh for service sector, to fund budding entrepreneurs said PTI.
The bank has inked Memorandum of Understanding with Bharatiya Yuva Shakti Trust (BYST) which is a not-for-profit organisation supported by Confederation of Indian Industry (CII) enabling youngsters to become entrepreneurs.
BYST would provide the business mentoring, marketing, training and development support to the youngsters, it said.
Commenting on the partnership, Indian Overseas Bank, Chairman, M Narendra said, "Now, with this partnership, there is a focused mechanism to handhold and guide the entrepreneur towards their success. Mentoring is there to take care of a professional and emotional needs which are of paramount importance for a new person in business."