In this time of uncertainty, it is fair to say that any financial assistance offered by a tech firm is likely to be snapped up its customers.
Tech mogul Cisco Systems has stepped to the plate and unveiled a $2.5 billion financing program that lets its customers defer 95% of payments until 2021, giving companies breathing room when some are facing a cash crunch.
Coronavirus is forcing many businesses to operate fully online. The need for improved video conferencing and virtual private network software has never been greater. Couple this with the surge in internet activity and the need for hardware and software, say from a company such as Cisco, increases.
“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.”
Called the new Business Resiliency Program which is offered by Cisco Capital and 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.
Starting in January 2021, customers make a monthly payment based on the total financed amount and the remaining term. The company says all Cisco solutions are eligible for this program. This includes hardware, software and services as well as up to 5% of partner provided services, such as installation.