IBM Launches Financing Program For Small And Midsize Businesses

IBM on Thursday inaugurated Financing Advantage, a customer credit program for small and midsize businesses. The program, available in the United States and six other countries, provides one-hour credit approval for deals under $300,000, and allows IBM business partners to obtain pre-approved lines of credit for selected customers.

Last year, small and midsize companies generated $2.6 billion in revenue for IBM Global Financing, the company's leasing and financing arm.

Financing Advantage also includes AutoQuote, a service that scans IBM's database of sales leads for prospective small and midsize customers, and automatically generates quotes and contracts for Business Partners and IBM's internal sales force.

The program is aimed at boosting IBM's visibility among small and midsize businesses, many of which "have never done business either with IBM or its business partners," says Chuck Thomas, IBM's director of worldwide SMB sales and marketing.

The pre-approved line of credit feature, which has been available worldwide since May, has generated $100 million in sales so far. The rapid approval and AutoQuote features were piloted last fall in the United States with selected business partners.