Cisco financing digitalization of small businesses

MANILA, Philippines — California-based Cisco has launched a financing program which allows small and medium enterprises (SMEs) in the Philippines to acquire software, hardware and services at  zero interest and fixed monthly payments for up to three years.

Karrie Ilagan, managing director at Cisco Philippines, said the three-year financing program for purchases amounting to  $20,000 to $300,000 would help SMEs invest in cutting-edge technology amid the coronavirus disease 2019 or COVID-19 pandemic.

“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,” Ilagan said.

COVID-19 has  disrupted supply chains and decreased business activities.

Micro and small and medium enterprises (MSMEs) account for 99.5 percent of all businesses and 63 percent of the total employment in the Philippines.

Given the significant 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. 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,” Ilagan said.

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 available through Cisco Capital 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.

Cisco director for small business and commercial in ASEAN Raz Mohamad said SMEs are the backbone of economies in the region, accounting for over 85 percent of total business establishments and making up the main contributions to private sector employment in the region.

However, SMEs are facing the biggest challenges to their operations. Technology can help solve some of their key challenges and revitalize their operations.