Cisco Capital, the networking giant's financing arm, has launched a $2.5 billion Business Resiliency Program -- essentially, special financing with deferred payments -- to help customers and partners navigate the coronavirus and the pandemic's associated business impact.
The $2.5 billion financing program includes an up-front 90-day payment holiday and allows a customer to defer 95 percent of the cost of a new product or solution until 2021, which in turn protects their business and increases their existing cash flow, Cisco asserts.
Starting in January 2021, customers would then make a monthly payment based on the total financed amount and the remaining term of the financing, the networking giant adds.
All Cisco solutions are eligible for this program, including hardware, software and services as well as up to five percent of partner provided services, such as installation, Cisco says.
Related: Technology Funding, Lease and Loan Programs for Partners
Cisco Refresh Program
Cisco is also supporting customers and partners through Cisco Refresh, a Cisco certified remanufactured product portfolio, to help with budget constraints. Cisco Refresh offers a range of products and further discounts and promotions to help customers and partners receive competitively priced, pre-owned products quickly and easily, the firm says.
Cisco Refresh solutions are also eligible for the Business Resiliency Program where 95 percent of the cost can be deferred until 2021, the company says.
For more information about the new Cisco Capital programs, see:
Cisco Systems Business Resiliency Program: Executive Perspectives
In a prepared statement about the program, CEO Chuck Robbins said:
"Cisco's customers and partners are under enormous pressure to keep their businesses connected while remaining productive and secure. Whether it's technology, financing or helping those most in need, Cisco is committed to working together to fight this pandemic on every front."
Added Kristine A. Snow, SVP and president of Cisco Capital:
"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. The new Business Resiliency Program is designed with this in mind and will help address some of our customer's most pressing concerns."
In a separate blog, Cisco Channel Chief Oliver Tuszik said:
"The Business Resiliency Program will help you provide an additional solution to customers during the business environment created by COVID-19. Designed to help alleviate financial challenges, this program includes $2.5 billion in financing to provide organizations with access to the solutions they need to keep their businesses running and productive."
COVID-19 and Partner Financing: Here's a complete list of special financing, loan and grant programs for channel partners.
