Cisco Capital and Standard Chartered Bank Launch Financing Program to Help Accelerate the Growth of Small to Medium- sized Businesses in United Arab Emirates
United Arab Emirates: Cisco CapitalTM and Standard Chartered Bank today announced a new financing program designed to increase the deployment of world-class information technology solutions by small to medium-sized businesses (SMBs) in the United Arab Emirates. Under the program, SMB customers can obtain loans, underwritten by Standard Chartered, at competitive rates to purchase Cisco technology solutions.
Available through Cisco Certified Partners and Cisco Business Partners in UAE, the financing program provides flexible payment terms and fast credit processing, helping SMBs deploy the IT infrastructure they require to expand their business. By making payments on a monthly basis, SMB customers can acquire leading-edge technologies without having to pay for them upfront, thereby maintaining consistent and balanced operating and capital expenditures.
The financing program offers loans of up to AED 730,000 (USD $200,000) for all Cisco hardware, software and services, with tenors ranging from 12 to 36 months at competitive interest rates (subject to credit approval). Cisco certified resellers along with Cisco Capital will help customers to complete financing documentation and process it with Standard Chartered Bank.
Sam Alkharrat, managing director of Cisco Gulf and Pakistan said: "Research has revealed that SMBs in the Gulf and elsewhere understand the transformative impact technology can have on their business, yet perceive affordability as a key challenge.
“Through our cooperation with Standard Chartered Bank, Cisco is able to bring state-of-the-art information and communications technology to small and medium-sized businesses which will help them achieve increased employee productivity and enable them to grow while protecting their cash flow.”
Yousef Khalili, regional director of commercial business for Cisco MEA said: "Over the past year, Cisco has been aggressively targeting the SMB market on a worldwide level, with the segment projected to be the fastest growing for the company for the next three years. In the MEA region, we are addressing the needs of SMBs by offering tailored solutions and affordable financing to fit their individual requirements as well as aggressively recruiting and training channel partners to work with SMB customers.
Nigel Jones, CEO of Standard Chartered, UAE commented, “Standard Chartered recognises the conviction of the SME customers in taking their businesses forward. With over 150 years of banking experience and a global network of over 1400 branches in 56 countries, Standard Chartered is in a strong position to help growing businesses sail through the complexities of a highly competitive market.”
The SME business is a key focus for Standard Chartered in 2007 and beyond. “This collaboration introduces the market to a new era where Standard Chartered Bank partners with a global corporation to bring a complete solution to an SMB. UAE is our pilot country to launch this initiative. This is yet another demonstration of how Standard Chartered is leading the market through innovation”, said Sandeep Bose, Standard Chartered Bank’s regional head of SME banking for Middle East and South Asia.
“With the strength of the bank’s regional reach, we plan to roll out this financing programme across other countries in the Middle East region in the near future,” Alkharrat added.
About Standard Chartered
Standard Chartered has a history of over 150 years in banking and is in many of the world’s fastest-growing markets with an extensive global network of over 1,400 branches (including subsidiaries, associates and joint ventures) in over 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. Standard Chartered PLC is listed on both the London Stock Exchange and the Hong Kong Stock Exchange and is consistently ranked in the top 25 among FTSE-100 companies by market capitalisation. For more information, see www.standardchartered.com.
About Cisco Capital
Cisco Systems Capital Corporation, a wholly owned subsidiary of Cisco Systems, Inc., specializes in financing networks by providing innovative, flexible financial programs to Cisco customers and channel partners worldwide. Cisco Capital offers attractive, flexible and short-term financing solutions that make it possible for customers to obtain higher credit lines and longer and more flexible terms that ultimately help them build stronger and healthier businesses. For more information, visit http://www.cisco.com/global/EMEA/cisco_capital/index.shtml
About Cisco Systems
Cisco, (NASDAQ: CSCO), is the worldwide leader in networking that transforms how people connect, communicate and collaborate. Information about Cisco can be found at http://www.cisco.com. For ongoing news, please go to http://newsroom.cisco.com. Cisco equipment in the Middle East is supplied by Cisco Systems International BV, a wholly owned subsidiary of Cisco Systems, Inc.
Cisco, the Cisco logo, Cisco Capital and Cisco Systems are registered trademarks or trademarks of Cisco Systems, Inc. and/or its affiliates in the United States and certain other countries. All other trademarks mentioned in this document are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company. This document is Cisco Public Information.
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