Financing arm of International Business Machines authorizes $2 billion in loans, credit and other financing to jump-start smart grid projects.

Armonk, N.Y.-based IBM (NYSE:IBM) said it's making $2 billion available to jump-start IT projects, including the smart grid, because of the continued difficulty for partners to get project financing.

The $2 billion would come from the company's lending and leasing arm, IBM Global Financing, in the form of low-rate loans, deferred payments, and other forms of project financing. The money is tied to projects authorized under the U.S. stimulus plan, which set aside $4.5 billion for smart grid projects.

IBM has already established itself as one of the key players in smart grid technology by using its IT infrastructure to coordinate hardware and software by companies including as Silver Spring Networks, eMeter, and SynapSense.

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