Tech giant Cisco has launched a new financing program to help local SMEs invest in technology at 0% interest with no upfront cost and at fixed three-year monthly payment term. SMEs will be able to purchase hardware, software solutions, as well as services under the program.
“The world is going through an uncertain economic period and, at Cisco, we are committed to doing our part to help lighten the burden for Philippine SMEs,” said Karrie Ilagan, managing director for Cisco Philippines.
The launch of the program comes at the heels of the Covid-19 pandemic wherein lockdowns across the region have disrupted supply chains and decreased business activities. SMEs account for 99.5% of all businesses and 63% of the total employment in the Philippines. With this much impact on the country’s progress, Cisco said it deems crucial to provide support for the recovery of the SME industry to ultimately provide support for the overall recovery of the national economy.
“The outbreak of Covid-19 has had a huge impact on SMEs across the country,” Ilagan said. “However, the situation has also brought about a rapid shift in mindset of SMEs to be more receptive to the idea of integrating technology in various aspects of their business and accelerate their digital transformation journey not as a means of survival in the current environment but also for driving future growth.”
The new program from Cisco provides financial support to SMEs that seek to equip themselves with the necessary tools and solutions to accelerate their business in the new digital era. These include tools for virtual meetings and collaboration, cybersecurity solutions, and networking equipment.
The 0% financing program will provide SMEs access to necessary technological enablers from Cisco that include software, hardware and services without breaking their budget. They will enjoy a 3-year, full payout lease plan where they pay equal 36-month payments on their Cisco purchases that costs between $20,000 to $300,000 and will fully own the equipment at the end of contract period.
The new financing option is now available through Cisco Capital, the vendor financing business within Cisco that delivers partner-enabled payment options for Cisco-led solutions.