16th December 2007, 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.
