New Credit Fund for Start-Ups

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Dell Announces a New $100M Credit Fund for Entrepreneurs to Spark Startup Growth & Innovation

Today at 11:49 am by Posted in #FixYoungAmerica, Dell, Dell Innovators Credit Fund, Young Entrepreneur Council
TECH

Entrepreneurs are constantly grappling with money — how to raise it, how to make it and how to, potentially, survive without it. Yet, Dell has taken one big step toward solving every startup’s qualms today. The company’s just announced the Dell Innovators Credit Fund, a first-of-its-kind Dell financing initiative that provides entrepreneurs up to $100M in the technology resources they need to maximize potential for innovation, speed to market and job creation.

Through the Credit Fund, 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. Credit Fund customers also receive benefits including a dedicated Dell sales team and ProSupport Services, giving them access to trained experts and 24/7 support on top of their technology needs.

“Behind most great company growth stories are pioneering uses of technology,” said Steve Felice, Dell president and chief commercial officer, 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.”

The Credit Fund was created by Ingrid Vandervelt, Dell’s first entrepreneur in residence, with the support of Dell executives and team members, as well as a 13-member Dell EIR Advisory Board.

“Access to capital and technology remain barriers to success,” Vanderveldt said in an email to BostInno. “Starting as a small business just 28 years ago, Dell knows that technology is key to fueling growth, but so is access to capital, networks and markets – and now, as a Fortune 50 company, we can connect our customers with those resources, too.”

The new Credit Fund is just one of the ways Dell plans on supporting entrepreneurs. Also launching today is the expanded Dell Entrepreneur in Residence community that features specialized advice for entrepreneurs who are self-funded, seeking funding or are already funded.

In addition to funding, Dell will also be providing all of its customers with the Young Entrepreneur Council’s #FixYoungAmerica book, which includes essays from top entrepreneurs, nonprofit founders, business leaders, politicians and educators, including an excerpt from Vanderveldt herself.

“Dell was one of the first supporters of the #FixYoungAmerica campaign,” said Scott Gerber, founder of the Young Entrepreneur Council. “And we’re behind organizations that want to help entrepreneurs win.”

To Gerber, it’s the small- and medium-sized businesses that will turn our U.S. economy around. “We want to do everything we can to enable their success,” Gerber admits. And this collaboration with Dell is just one way they can do that.

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