Tech major IBM has announced that it will provide $1 billion in financing to help credit-qualified small and medium businesses (SMBs) over the next 18 months take advantage of a new suite of advanced technologies such as analytics and cloud.
This effort is designed to help SMBs spur innovation and drive economic growth by making credit more easily accessible, with approvals often in less than 60 seconds, through IBM Global Financing.
According to IBM, financing is one of the biggest challenges limiting the success of SMBs today. U.S. Small Business Administration (SBA) consistently reports that well over 50 percent of small businesses fail within their first five years due to lack of capital.
Since this segment is responsible for nearly 65 percent of global GDP, representing more than 90 percent of all businesses and employing more than 90 percent of the world’s workforce, SMBs play a critical role in a global economic recovery.
“SMBs are the engines of new ideas for our economy and for economic growth. Curiosity and new thinking are what sets them apart,” said Andy Monshaw, general manager of IBM Midmarket Business.
IBM will offer simple, flexible lease and loan packages, some starting at as low as 0 percent for 12 months with no money down, allowing them to immediately acquire the IBM technology and services they need to begin to transform their businesses, while managing their cash flow more effectively.
This financing will be made available to SMB clients through IBM Business Partners who can benefit from enhanced online financing tools to generate price proposals and get fast approvals for credit applications for SMB clients, all available by a click of the mouse, says IBM.