Thiruvananthapuram: Kerala Financial Corporation (KFC) and KITCO, the premier public sector consultancy organization has signed a Memorandum of Undertaking (MoU) for promoting innovation and entrepreneurship development in the State. The MoU was signed here by Shri. Joy Oommen, Chairman & Managing Director, KFC and Shri. Cyriac Davies, Managing Director, KITCO Ltd.
As per the MoU, KITCO will send commercially viable and technologically matured start-ups to KFC for availing financial assistance. KITCO will recommend start-ups incubated at KITCO and other networking TBIs of KITCO for funding by KFC after providing adequate training and mentoring to enhance the success rate.
KFC will consider the proposals, recommended by KITCO and sanction eligible financial products as per the schemes operated by it. Loanees will be governed by the policies and procedures followed by KFC. KITCO and KFC will work jointly to ensure that the promoters of the start-ups are provided with hassle-free services. Representatives of the two organizations will meet on a quarterly basis to evaluate the operation of the MoU and the start-ups under the MoU.
Dr.K.C Chandrasekharan Nair, Associate Principal Consultant, KITCO Ltd., Mr. Suresh Jacob, Senior Consultant, KITCO Ltd., Lt.Cdr.(Retd.) Sajithkumar E.V, Senior Consultant, KITCO Ltd. and Mr. Premnath Ravindranath, General Manager, KFC were present at the signing ceremony held at the KFC head office in Thiruvananthapuram.