The launch of the program comes as the COVID-19 pandemic and ensuing lockdowns across the region to control its spread, have disrupted supply chains and decreased business activities
Cisco has launched a new financing program to help SMEs purchase its products at zero per cent interest and with no upfront costs, at a fixed three-year monthly payment term. SMEs will be able to purchase hardware, software solutions as well as services under the program.
“SMEs are the backbone of ASEAN economies, accounting for over 85 per cent of total business establishments and making up the main contributions to private sector employment in the region. However, they are currently facing the biggest challenges to their operations. Technology can help solve some of their key challenges and revitalize their operations. It is more important than ever for partners like Cisco to provide the much-needed assistance, not just through our solutions and expertise but also through programs that can help alleviate financial concerns,” Raz Mohamad, director, Small Business and Commercial for ASEAN at Cisco.
No such scheme for India yet
The company is offering the program in Singapore, Malaysia, Philippines, Thailand and Vietnam. No such scheme related to India has been announced yet.
“The outbreak of COVID-19 has had a huge impact on SMEs across the country (Singapore). However, the situation has also brought about a rapid shift in mindset of SMEs as they are now more receptive to the idea of integrating technology in various aspects of their business and accelerate their digital transformation journey not just as a means of survival in the current environment but also for driving future growth,” said Andy Lee, Managing Director, for Cisco Singapore.
Lee added, “The financing program will make it easier for local SMEs to start and continue their digital journeys. 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 Singapore’s SMEs,”
The financing program will provide SMEs access to necessary technological enablers from Cisco that include software, hardware and services.
“Cisco’s financing program offers built-in capabilities to ensure successful cash flow management for SMEs. Businesses can secure the technology they need to run their business with regular, predictable payments and zero per cent interest rate. They can also eliminate upfront costs, preserving their financial resources for other business priorities,” added Mohamad.