IBM clients will have first dibs on $2 billion in funding earmarked by the company for new work, including healthcare IT projects, connected to the American Recovery and Reinvestment Act (ARRA).
Officials announced on Thursday that the company would add a financing component to its efforts to develop smart technology solutions tied to the stimulus package.
IBM Global Financing, the lending and leasing business segment of IBM, will make up to $2 billion available to finance IT initiatives in key economic stimulus areas. The move is designed to help healthcare organizations move ahead with IT projects that could improve their infrastructure or competitive edge and point them in the direction of economic recovery, IBM executives said.
Since ARRA was signed into law, IBM's consulting and technology business units have been helping enterprises build out their infrastructures to accelerate growth in their communities around some of the key stimulus areas identified in the act - smart grid, healthcare information technology and broadband access.
The bulk of the $2 billion will come in enhanced low rates and flexible payment options, deferred payment plans, financing facilities that offer structured lines of credit and specialized project financing packages that allow clients to align their payment streams throughout the course of the project to the anticipated benefits, the company said.
Earlier in 2009, IBM Global Financing announced it would respond to benefits that it receives under ARRA by providing more competitive rates and payment deferrals on leases it provides to its clients.
The financing will mainly target enterprises and municipalities implementing technology projects consisting of a majority portion of IBM hardware, software and technology services components. Financing also can be applied to non-IBM technology as part of a larger IBM solution.
