It focused on recruiting lenders, mainly mainstream banks, in support of the scheme, which provided a guarantee for 80% of the IP value, subject to a cap (originally set at SGD 5 million, but later increased). After companies had drawn down the whole of their loan, they can could reclaim 50% of the cost of their valuation (or 2% of the advance, subject to a SGD 25 000 maximum) from IP ValueLab. The valuation report on which the financing is ultimately based had to be done by an approved valuation panel member. A number of these firms were international or based outside Singapore, and the updated Hub Master Plan (recently updated) includes measures to address this by supporting the development of more locally-based IP valuation expertise (to support a wide range of IP transactions, not just finance). Factors involved appear to have included bank unfamiliarity with IP assets, a relatively informal application process, the insistence on companies having granted Singaporean patents, and high prospective transaction costs (particularly in respect of the IP valuation itself).