Cisco announced $2.5B Finance Support to Customers and Partners in COVID-19 situation

Cisco is now continuing its global commitment to allow the customers and partners to navigate the current challenging landscape with the introduction of a new Business Resiliency program.

A new program which is offered via Cisco Capital, the vendor funding business within the Cisco. The program is designed to help mitigate financial challenges due to the Coronavirus Outbreak pandemic.

Cisco's $2.5 Billion financing package will offer organizations with access to the solutions they need to keep their business productive and running, their employees safe and support their communities at these times, notes the announcement.

The program additionally includes an up-front 90-day payment holiday and allows a customer to defer 95% of the cost of a new product until the year 2021. Cisco announcement notes that this provision will help businesses to protect their business growth and increases their existing cash flow.

Executive Opinion

Kristine A. Snow, SVP and President, Cisco Capital, said, "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. The new Business Resiliency Program is designed with this in mind and will help address some of our customer's most pressing concerns."

Will Townsend, Senior Analyst, Networking Infrastructure, Moor Insights, and Strategy, said, “This is a valuable offering by Cisco. 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."

Cisco's COVID-19 Support

From the month of January 2021, customers would then easily make a monthly payment according to their total financed amount.

The Business Resiliency Program from the Cisco is a part of the Cisco overall commitment to support customers, communities, and partners at the time of Coronavirus Pandemic.
Cisco previously has also committed $225 million in both the cash and kind and planned to give support to both the local and global response. This includes the financial and technical support for non-profits organizations, and governments.

Cisco is also empowering customers and partners with its free WebEx and security offers, thus enabling them to stay securely connected and productive at this time.

Just a few days back, Cisco has also acquired the IoT and Automation wireless firm, Fluidmesh Networks.