First loan secured by intellectual property was issued in Russia

General Director of the company Alexander Loginov (pictured) said that Energoelement won a large tender for the supply of postpaid traction lithium-ion batteries, and the loan was needed to fulfill its obligations to the customer.

“Apart from patents, we had nothing to offer the bank, and I remembered my idea of ten years ago - to use IP for these purposes, because our company owns seven patents”, - Loginov told Vedomosti.

The credit organization has long been engaged in ensuring that businesses can receive loans against such collateral, said Roman Kapinos, deputy chairman of the board of SME Bank. Therefore, this application did not come as a surprise to the lender. Previously, SME Bank accepted IP only as additional collateral.

Recall that last month in Russia, the first transaction for issuing a loan secured by cryptocurrency took place. The loan was issued by Expobank, businessman Mikhail Uspensky became the recipient.