Keycorp gets $12.6 million boost from feds

Keycorp gets $12.6 million boost from feds

In an attempt to advance its Privacy Host program, smart card and e-commerce developer Keycorp has wrangled a $12.6 million grant and loan package from the Federal Government.

Launched last year, the Government's R&D Start program encourages businesses who believe they have an innovative and commercially viable product to apply for a piece of the $200 million pie.

And according to Keycorp's corporate communications manager Ian Stead, Keycorp did just that. "We put our case forward for funding and they judged us on our level of innovation and creativeness. They also looked at the company's track record and determined our probability of success," explained Stead.

As a successful candidate, Stead outlines that Keycorp's specific deal will entitle it to a $4.5 million grant and an $8.1 million loan that will take two years to pay back starting in 2003. These funds are made progressively available as reports on the project's development are made.

The program that Keycorp presented was a third-party system for managing applications that enables smartcard holders to lease space on their cards to multiple users.

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