SAN JOSE, Calif., April 14, 2020 /PRNewswire/ -- Today, Cisco is continuing its global commitment to help customers and partners navigate an evolving 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 unprecedented times.
"Cisco's customers and partners are under enormous pressure to keep their businesses connected while remaining productive and secure," said Chuck Robbins, Chairman and CEO of Cisco. "Whether it's technology, financing or helping those most in need, Cisco is committed to working together to fight this pandemic on every front."
Cash flow is a top concern for Cisco customers and partners in the current environment. 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.
"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," said Kristine A. Snow, SVP and President, Cisco Capital. "The new Business Resiliency Program is designed with this in mind and will help address some of our customer's most pressing concerns."
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.
"This is a valuable offering by Cisco," said Will Townsend, Senior Analyst, Networking Infrastructure, Moor Insights and Strategy. "Through my countless discussions with organizations, balancing cash flow while maintaining robust network operations is critical given the impact of COVID-19. I continue to be impressed with Cisco's proactive strategy to enable its customers, partners, employees and the community overall to maintain productivity in these trying times. The Business Resiliency Program is another example of the company's overall effort."
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. For more information see:
- Business Resiliency Program for Customers
- Business Resiliency Program for Partners
- Executive Blog from Chuck Robbins: Committing $225 million to global COVID-19 response
- Executive Blog from Oliver Tuszik:
- Supporting Business Continuity During the COVID-19 Pandemic
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Payment solutions, applicable lenders and availability of any referenced programs will vary by country. Cisco Capital offers leasing and/or financing in a limited number of countries. Leasing and/or financing may be provided by an independent financing vendor in jurisdictions where Cisco Capital does not offer the applicable leasing and/or financing products. Other restrictions may apply. Cisco Capital reserves the right to change or cancel the foregoing at any time without notice.
In California, loans offered by Cisco Capital will be made or arranged pursuant to California Financing Law.
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SOURCE Cisco Systems, Inc.