In order to get them back on track — or jumpstart in — their digitalization efforts, technology company Cisco (Philippines) started a financing program that aims to provide small and medium enterprises (SMEs) access to relevant digital solutions — software and hardware — for their operations.
The 0% financing program also allows a three-year, full payout lease plan where they pay equal 36-month payments on Cisco purchases that cost between $20,000 and $300,000 wherein businesses can fully own the equipment at the end of the contract period.
The launch of the program comes at the heels of the COVID-19 pandemic wherein lockdowns across the region have disrupted supply chains and decreased business activities. Micro, small and medium enterprises account for 99.5% of all businesses and 63% of the Philippines’ total employment.
As the government starts to ease some of the 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.
Witnessing the economic impact not only to the businesses but to the economy as a whole, Cisco stepped up its support for the recovery of the MSME.
“The outbreak of COVID-19 has had a huge impact on SMEs across the country,” said Karrie Ilagan, managing director, for Cisco Philippines. “However, the situation has also brought about a rapid shift in the mindset of SMEs to be more receptive to the idea of integrating technology in various aspects of their business and accelerate their digital transformation journey not as a means of survival in the current environment but also for driving future growth.”
The new program from Cisco provides financial support to SMEs that seek to equip themselves with the necessary tools and solutions to accelerate their business in the new digital era. These include tools for virtual meetings and collaboration, cybersecurity solutions, and networking equipment.
“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 in 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,” said Raz Mohamad, director Small Business and Commercial for ASEAN at Cisco.
The new financing option is now available 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 offer, visit this site or connect with your local Cisco team.