Cisco announced Tuesday that it's launching a $2.5 billion financial relief program to help its customers and partners mitigate the economic challenges resulting from the COVID-19 pandemic. The new financial program -- offered through Cisco Capital, the vendor financing business within Cisco -- features a 90-day payment holiday that allows customers to defer 95% of the cost of a new product or technology until 2021.
The program also offers support to Cisco's partner ecosystem, allowing partners to offer their customers alternative payment plans in line with their cash flow. In addition, Cisco is promoting its pre-owned product program Cisco Refresh as another option for fiscally-conscious customers.
"Cisco's customers and partners are under enormous pressure to keep their businesses connected while remaining productive and secure," said Cisco CEO Chuck Robbins. "Whether it's technology, financing or helping those most in need, Cisco is committed to working together to fight this pandemic on every front."
Cisco recently committed $225 million to support both the global and local pandemic response, including providing technology and financial support for non-profits, first responders and governments. Cisco is also offering free Webex and security services during this time.