Majority of the businesses now are technology-driven, Cisco financing programme ready to help Pinoy MSMEs
By Victoria “NIKE” De Dios
With the new normal prompted practically all businesses to adapt to using the technology, the financial problem of many Filipino entrepreneurs facing now remains a big issue. While many would really like to embark on technology-driven business to be efficient and to ensure everyone’s safety due to social distancing in order to survive, the issue of finding willing companies or individuals to provide loans on their plan to support their plan remains elusive as many are wary to take the risks, even the backs.
Thanks to Cisco Philippines for the understanding the financial challenges that the Filipino MSMEs are facing now due to the COVID19 pandemic. Just recently, Cisco launched a new financing programme through the cutting-edge technology at 0% interest and with no upfront costs, to jumpstart their business.
Through this Cisco financing programme, the MSME can avail on all Cisco products including software, hardware and services at a fixed 3-year monthly payment term from from USD20,000 to USD300,000.
In the statement sent to THEPHILBIZNEWS by Cisco Philippines, Karrie Ilagan, Managing Director, for Cisco Philippines said, “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’ MSMEs.”
The launch of the programme 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% of all businesses and 63% 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 MSMEs across the country. 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 Managing Director of Cisco Philippines 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 programme 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 0% financing programme 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 USD20,000 to USD300,000 and will fully own the equipment at the end of the contract period.
For his part, Raz Mohamad, Director Small Business and Commercial for ASEAN at Cisco noted, “MSMEs 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.”
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 www.cisco.com/c/en_my/buy/payment-solutions/solutions/small-business or connect with your local Cisco team.