Industry superannuation fund Media Super has entered the lending business, with the launch of a fund that will finance research and development projects. Media Super has allocated A$30 million to a revolving fund that will provide loans of up to $3 million to companies and research institutions for projects that are eligible for R&D tax credits under the Federal Research and Development Tax Incentive program. The program provides tax offsets on eligible R&D expenditure for businesses with turnover of less than $20 million a year. Media Super will provide a loan facility and be repaid from the R&D tax offset refund that follows the R&D entity's lodgement of its annual income tax return. Borrowers must have a history of qualifying for R&D tax credits. Media Super chief executive Graeme Russell said the new facility was modelled on an earlier initiative - its film and television investment fund. The film and TV fund was launched in 2010 and since then has loaned more than $100 million to more than 70 Australian productions. Loans on all completed productions have been repaid and the facility has provided an average return of 6.8 per cent a year over the past six years. "We expect to earn a higher return on the R&D investment," Russell said. "These innovative but relatively low-risk investments are part of Media Super's diverse investment portfolio and are contributing to our strong investment performance."