- 3-year
financing programme for Small and Medium Enterprises (SMEs) on all Cisco
products including software, hardware and services - 0%
interest with no upfront costs and fixed monthly payments for purchases from
USD20,000 to USD300,000 - Now
available to SMEs in Singapore, Malaysia, Philippines, Thailand and
Vietnam
SINGAPORE – Media OutReach
– 3 July 2020 – Cisco has launched a new financing programme to help SMEs purchase
its products at 0% interest and with no upfront costs, at a fixed 3-year
monthly payment term. SMEs will be able to purchase hardware, software
solutions as well as services under the programme.
The launch of the programme comes as the COVID-19 pandemic and ensuing lockdowns
across the region to control its spread, have disrupted supply chains and
decreased business activities. The nature of SMEs means that they likely have a
smaller pool of capital reserves. This coupled declining revenues has put a
strain on cash flows of many SMEs, especially in sectors such as retail,
construction, hospitality, and food and beverage — most of which have relatively
high supply costs.
SMEs are critical to Singapore’s trade and commercial landscape. They employ
65% of Singapore’s workforce and contribute nearly 50% of Singapore’s economic output. The Singapore government has responded swiftly with assisted loan
schemes offering S$4.5 billion to businesses, a large chunk of which has gone
to SMEs.
As the government starts to ease the Circuit Breaker restrictions and
reopen the economy, SMEs are looking to adopt technology and digitize their
business to resume operations safely, open new growth opportunities and
contribute to the overall economic recovery post COVID-19. The new programme
from Cisco is aimed at providing financial support to SMEs that seek to equip
themselves with the necessary tools and solutions to accelerate their business
in the new digital era.
“The outbreak of COVID-19 has had a huge impact on SMEs across the
country. 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. The financing programme 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,” said Andy Lee, Managing
Director, for Cisco Singapore.
“Ensuring that SMEs are able to leverage technology to continue to
sustain and grow their business is critical for the overall economy, not least
because the sector accounts for more than two-thirds of all jobs in Singapore.
If businesses in the sector grow, they will continue to protect and even create
jobs and add to Singapore’s economic recovery post COVID-19,” he added.
The 0%
financing programme will provide SMEs access to necessary technological
enablers from Cisco that include software, hardware and services without
breaking their budget. SME’s will enjoy a 3-year, full payout lease plan where
they pay equal 36-month payments on their Cisco purchases that costs between
USD20,000 to USD300,000. and will fully own the equipment at the end of
contract period.
“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 0% interest
rate. They can also eliminate upfront costs, preserving their financial
resources for other business priorities,” said Raz Mohamad, Director Small
Business and Commercial for ASEAN at Cisco.
“SMEs are the backbone of ASEAN economies,
accounting for over 85% 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
programmes that can help alleviate financial concerns,” he added.
The new
financing option is now available for any SME’s through Cisco Capital, the
vendor financing business within Cisco that delivers customer-centric,
partner-enabled payment options for Cisco-led solutions. For more information
on the programme, visit www.cisco.com/c/en_my/buy/payment-solutions/solutions/small-business
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