Cisco has launched a three-year financing program with zero interest to help small and medium enterprises (SMEs) in the Philippines recover from COVID-19 pandemic.
The company said SMEs will be able to purchase hardware, software solutions, as well as services under the program.
“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 Philippines’ SMEs,” said Karrie Ilagan, Managing Director, for Cisco Philippines.
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 and Small & Medium Enterprises accounting for 99.5 percent of all businesses and 63 percent of the Philippines’ total employment. With this much impact on the country’s progress, Cisco deems it crucial to provide support for the recovery of the MSME industry to ultimately provide support for the overall recovery of the national economy.
“The outbreak of COVID-19 has had a huge impact on SMEs across the country,” Ilagan said.
“However, the situation has also brought about a rapid shift in 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,” she added.
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.
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.
The zero percent financing program will provide SMEs access to necessary technological enablers from Cisco that include software, hardware and services without breaking their budget.
They will enjoy a 3-year, full payout lease plan where they pay equal 36-month payments on their Cisco purchases that costs between $20,000 to $300,000 and will fully own the equipment at the end of contract period.
“SMEs are the backbone of ASEAN economies, accounting for over 85 percent 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,” Raz Mohamad, Director Small Business and Commercial for ASEAN at Cisco said.
“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.