Cisco (NASDAQ: CSCO) is continuing its global commitment to allow customers and partners navigate the current challenging landscape with the introduction of a new Business Resiliency Program.
Offered through Cisco Capital, the vendor financing business within Cisco, and designed to help mitigate financial challenges resulting from the Covid-19 pandemic, 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, their employees safe and support their communities during these times.
The new Business Resiliency Program offered by Cisco Capital 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. 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 as well as up to five percent of partner provided services, such as installation.
The program also offers support to Cisco’s 60,000 partner ecosystem. 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. It will accelerate their sales cycles and allow partners to offer their customers payment solutions to better manage their cash flow.
In addition, Cisco Capital is supporting customers and partners through Cisco Refresh, the Cisco certified remanufactured product portfolio, to help with budget constraints. Cisco Refresh offers a wider range of products and further discounts and promotions to help customers and partners receive competitivity priced, pre-owned products quickly and easily. Cisco Refresh solutions are also eligible for the Business Resiliency Program where 95 percent of the cost can be deferred until 2021.
The Business Resiliency Program from Cisco Capital is part of Cisco’s overall commitment to supporting customers, partners and communities through the Covid-19 pandemic.
Cisco recently committed $225 million in cash, in-kind, and planned-giving to support both the global and local response. This includes technology and financial support for non-profits, first responders and governments. Cisco is also empowering customers and partners with its free Webex and Security offers enabling them to stay securely connected and productive during this time.