Cisco has announced a number of initiatives to provide financing for customers in a move to try to mitigate the financial challenges resulting from the COVID-19 pandemic.
The new Business Resiliency Program is being offered through Cisco Capital, a financing business within Cisco, and includes $2.5 billion in financing to provide organizations with access to the solutions they need to keep their businesses running and productive.
“Cisco’s customers and partners are under enormous pressure to keep their businesses connected while remaining productive and secure,” said Chuck Robbins, chairman and CEO of Cisco. “Whether it’s technology, financing or helping those most in need, Cisco is committed to working together to fight this pandemic on every front.”
The new Business Resiliency Program offered by Cisco Capital includes an up-front 90-day payment holiday and allows a customer to defer 95% of the cost of a new product or solution until 2021, which in turn protects their business and increases their existing cash flow. Starting in January 2021, customers would then make a monthly payment based on the total financed amount and the remaining term of the financing. All Cisco solutions are eligible for this program, including hardware, software and services.
The program also offers support to Cisco’s 60,000 partner ecosystem. The networking company noted that the Business Resiliency Program will help partners provide an additional solution to better serve customers, without any change to their own financial situation, in this challenging business environment. The initiative will also allow partners to offer their customers payment solutions to better manage their cash flow, Cisco said.
“Cisco Capital’s goal is to make it easier for customers and partners to acquire the technology they need to keep their businesses running and productive. Their success is our priority,” said Kristine Snow, SVP and president of Cisco Capital. “The new Business Resiliency Program is designed with this in mind and will help address some of our customer’s most pressing concerns.”
In addition, Cisco Capital is supporting customers and partners through Cisco Refresh, which is a Cisco-certified pre-owned product portfolio. Cisco Refresh offerings are also eligible for the Business Resiliency Program where 95% of the cost can be deferred until next year.
Cisco said that it has committed $225 million to support both global and local responses to the COVID-19 pandemic, including tech and financial support for first responders, non-profits and governments.
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