A lending facility for inventors

 

By Rose de la Cruz

 

The usual reason why Filipino inventors always leave the country and pursue their inventions elsewhere for commercialization is that financial support has always been denied them.

 

Not anymore now with the lending program I-TECH or Innovation and Technology Lending Program already launched late September between Land Bank of the Philippines and the Technology Application and Promotions Institute of the Department of Science and Technology.

 

The program is meant to support the commercial production of patented Filipino inventions through a special financing window.

 

DOST-TAPI, an attached agency of the Department of Science and Technology, is mandated to assist the commercialization of Filipino inventions and manages the Invention Guarantee Fund (IGF) under the Inventors and Invention Incentives Act.

 

Land Bank is opening a lending window that will complement the use of IGF through a lower interest rate for loan assistance to qualified inventors.

 

Here’s how:

 

1.    Qualified beneficiaries are inventors, enterprises authorized by inventors though a deed of assignment and other entities with active patents, who may avail of credit facilities for the acquisition of fixed assets/capital expenditures/production materials and working capital for the production or commercialization of their inventions.

2.      The loanable amount is up to 85% of the total loan to be financed for maximum amount of P12.5M or up to the repayment capacity of the borrower, whichever is lower. Standard fees and charges normally required by banks shall apply for loan applications. Inventors who would avail must comply with the documentary requirements and collateral documents required by the bank.

3.     Landbank will cover 45% (up to maximum of P5.625 Million), the Invention Guarantee Fund (IGF) will cover 40% (up to maximum of P5.0 Million) and the borrower’s equity is 15% minimum, in cash or in kind. The interest rate for Land Bank share is 5% per annum (subject to annual review), while zero interest for the IGF.

Engr. Edgar I. Garcia, Director of DOST-TAPI, said this new program will provide a fresh way of meeting the inventors’ needs in funding the commercialization of viable invention products and ease their burden of raising additional capital to meet increasing market demand for their products.

 

I-TECH is being managed by Engr. Elizabeth I. Garcia, with contact at 02-837-2071 to 82, local 2160; 838-1140. #

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