PC manufacturer Dell announced today that it is introducing the Dell Innovators Credit Fund, a rather unprecedented financing initiative. The fund will provide entrepreneurs with up to $100 million in financial and scalable technology resources, with the aim of increasing innovation and job creation.
According to a recent paper from the Technology CEO Council (TCC), high-growth start-ups generate a large portion of new jobs in the United States, with 40 percent of new jobs provided by the top-performing one percent of companies in any given year.
Furthermore, according to a McKinsey Global Institute study, Web-savvy small- to mid-sized companies in a number of different industries typically provide more jobs than less tech-friendly counterparts by a ratio of more than two to one.
The Dell Innovators Credit Fund aims to support this trend by providing growing businesses with end-to-end, scalable technology at a stage when having such technology is most crucial. Qualified angel and venture-backed companies can access up to 10 percent of their funded amount, or up to $150,000, with accelerated, limited credit terms.
Additional financing is available for those in need of higher credit, on a fast-track basis.
"Behind most great company growth stories are pioneering uses of technology,” Steve Felice, Dell president and chief commercial officer, said in a press release. “In talking with business owners and listening to their needs, they tell us what they need most is access to capital and technology that enables them to grow. Dell's new Credit Fund provides credit and access to technology to help fuel global growth and innovation while helping startups preserve precious equity capital for other business needs."
Dell Innovators Credit Fund customers receive additional benefits, including a dedicated Dell sales team and ProSupport Services.
Also today, Dell managed to reach its first stock resistance level of $12.30, while a strong showing suggests the price may continue to rise before market close.
TechZone360 Contributing Writer
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