InnovaBiz Interest Relief Program

The InnovaBiz Interest Relief Program is designed to support Sri Lankan inventors by providing financial, technical, and legal assistance to help commercialize their inventions. This initiative, managed by the Sri Lanka Inventors Commission (SLIC), aims to foster innovation and enhance the contribution of inventions to the national and export economy.

Program Objectives

The InnovaBiz Program seeks to provide financial backing for invention-based business entities at the initial stages or at a technological or production-based business enlargement by facilitating and increasing the efficiency of repayment for the loans of financial institutes, including government financial institutes.

Eligibility Criteria

  • Patent Status: The product must be patented or have a pending local or international patent
  • Loan Purpose: The loan must be used solely for the commercialization of the invention
  • Loan Amount:
    • Personal loans for amounts less than Rs. 1 million (with justification)
    • Commercial loans for amounts between Rs. 1 million and Rs. 5 million (special cases will be treated separately)
  • Multiple Inventions: Consecutive loans for multiple inventions from the same inventor are permissible
  • Company Representation: Inventors representing a company board can apply if proper documentation is provided

Application Process

  • Bank Loan Approval: Obtain a commercial loan from a recognized Sri Lankan bank
  • Submit Application: Complete the SLIC application form and attach:
    • Evidence of loan usage for commercialization
    • 5-year forecast of production, sales, and profits
    • Bank confirmation letter of loan approval and repayment terms
  • Assessment: Applications are reviewed based on national priorities, social benefits, and potential return on investment

Financial Support

  • Interest Reimbursement:
    • Patented inventions: Maximum 75% of the interest rate
    • Pending patents: Maximum 37.5% of the interest rate (once the patent is granted during the payment period, it will be shifted to be benefited under the patented category)
  • Reimbursement is capped at Rs. 1 million, over a maximum period of 5 years
  • Monthly Reporting: Inventors must submit evidence of monthly installment payments and commercialization progress reports to receive reimbursement

Monitoring and Evaluation

  • Quarterly Reviews: Field visits and progress reports by SLIC staff and ministry representatives
  • Compliance: Adherence to the terms of the loan and effective use of funds are mandatory for continued support

Terms and Conditions

  • Active Patent: Support is only provided for active patents
  • Patent Rejection: In case of patent rejection, support will be discontinued
  • Agreement Termination: SLIC reserves the right to terminate the agreement for non-compliance

For More Details

Visit or contact the Special Projects Division at:

Address: 5th Floor, “Mehewara Piyesa” Building, Colombo 05, Sri Lanka
Phone: +94 112676650
Email: info@slic.gov.lk