IBM Cuts Financing Red Tape for SMBs

Friday Sep 3rd 2004 by Lauren Simonds
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IBM Global Financing rolls out a new process that provides faster turnaround on SMB loan approvals. How does an hour sound?

IBM wants to simplify the loan process for SMBs by reducing the time it takes to propose, obtain close and fund financing deals. According to the company, in most cases, the entire process will take an hour.

IBM Global Financing(IBF) its business partners have instituted changes in order to better serve SMB customers.

"With these changes," says Chris Townsend, IGF's vice president of SMB financing, "IBM Global Financing and our Business Partners will improve our ability to quickly deliver easy to understand IT financing solutions to our clients."

Ch-Ch-Ch Changes
The new process includes:

  • A simplified rate structure
  • Firm rates with pass/fail credit approval
  • Competitive, simple terms and conditions
  • Streamlined administration and reduced paperwork on deals under $100,000

IGF also plans to make it easier to increase the amount of a loan once it's been approved. SMBs can increase the amount by up to 15 percent without requiring further approval or extra paperwork.

The new policy will let IBM business partners provide faster, better service to their customers.

Townsend says "Beyond speed and simplicity improvements, these combined enhancements work to achieve a 'self-service' financing effect that liberates our Business Partners. They now can quickly and conveniently provide their clients with a firm proposal without having to check with IGF first."

IGF offers this U.S.-based service to eServer Business Partners first, and plans to perfect the program and then roll it out to include a wider range of partners over the next several months.

Lauren Simonds is the managing editor of SmallBusinessComputing.com

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