Tatarstan began to issue loans secured by intellectual property

The Guarantee Fund subordinated to the Ministry of economy of Tatarstan began to issue guarantees on loans secured by intellectual property. For the first time in Tatarstan, the company presented patents for its high-tech developments as collateral.

Tatarstan IT-company "NEXT engineering" presented two patents as collateral for a loan of 18 million rubles. The guarantor for the loan in the amount of 8 million rubles was the Guarantee Fund of the Republic subordinated to the Ministry of economy of Tatarstan.

The company "NEXT engineering" is engaged in the design, manufacture and supply of information and control systems for large industrial enterprises.  The company provided two patents as collateral:  universal server cloud platform dispatching and monitoring and firmware wireless device data collection and transmission.

"To fulfill the obligations under the contracts, we needed credit funds. But the collateral was not enough, so we provided the Bank with two intellectual development.  At an approximate cost, their price is about 6 million rubles, "- said the General Director of" NEXT engineering" Ivan Stepanov.

The company started working on the development in this direction in 2014. Today it is used in security systems at large industrial enterprises of Tatarstan.

"The results of intellectual activity are the most important condition for the further development of any company and an asset that is equally highly valued in highly competitive markets in the conditions of the development of the innovation economy. The use of intellectual property in credit and financial transactions as collateral is a generally applicable practice in countries with developed economies, " Minister of economy of the RT Farid Abdulganiev said.

"For the first time intellectual property was accepted as collateral in Tatarstan. This is one of the opportunities to get a loan for small and medium-sized businesses that are engaged in scientific and technical developments. At first, they do not have their own premises and equipment, but there are developments provided with legal protection," said Timur Temirgaliev, Director of the Guarantee Fund of the Republic of Tatarstan.