Helping Black-Owned Businesses Succeed Through Technology Financing and Education

The pandemic exposed many of the inequities that plague our communities and society. It deemed what job roles were essential and forced some businesses to shut down and lay off workers, while others were able to easily transition to working from home. We saw the digital divide widen as students without access to the internet or a laptop were unable to join their classes, and we saw a social justice movement that amplified the unequal treatment of communities and people of color. Despite the different yet shared experiences through all of this, we also saw innovation and new commitments to address these inequities and help businesses and communities succeed. 

New Commitments and Plans of Action

At Cisco our purpose is to power an inclusive future for all. To help close the digital divide and remove barriers to help make changes, we made new commitments last year with the launch of a Social Justice Beliefs and Action plan. Cisco Capital is leading initiatives to provide Black-owned businesses with the capital, education, customers and technology they need to drive business results. It is rare that I have an opportunity to support my community from a professional perspective and I have an overwhelming sense of pride in my company for proactively creating actions to combat the social injustice that is so pervasive in Black communities. We’ve put together an action plan to help create a more inclusive future in their communities and with their customers and partners. 

Financing Options for Technology Fuels Innovation  

For businesses to remain competitive and succeed they need to be able to adopt the right technology solutions to become efficient and offer their workforce and customers the experience they expect. Every industry was forced to update their infrastructure, adopt new technology solutions to remain productive, and keep their workforce and customers safe due to COVID. These technologies can be expensive and less accessible to some businesses and communities. Partnering with financing providers that service Black-owned companies and communities, we can help them create attractive financing offers to help their customers get access to the technology solutions needed. For example, the Historically Black Colleges and Universities (HBCUs) impacted by the onset of COVID. Students, faculty and staff did not anticipate the immediate shift to virtual learning and teleworking. To help modernize the technology at HBCUs, and in addition to technology donations that Cisco Systems, Inc. has made, Cisco Capital has created a special finance offer of 0% interest and 6-month deferral financing. By giving Black students better access to the education and technology they need it not only has a positive impact on them but their local and regional economies, as well.

Accelerating Enablement with Black-owned Finance Partners and Channel Partners 

We are making a concerted effort to bring more Black-owned financing companies into our network of partners to provide them with a broader base of potential customers and financing prospects. Our customers can realize value by increased opportunities for diversity spending. 

For Black-owned Channel Partners, we are offering extended payment terms and education programs about how to leverage financing to increase their revenue and profitability, co-sponsored with the Equipment Leasing and Finance Association and the Certified Lease & Finance Professionals (CLFP). After connecting with an African American Cisco channel partner in my own community I could see firsthand how gaining access to extended payments term options, knowing when and how to leverage financing with his customers, and collaborating with finance partners could significantly accelerate the trajectory of success within his business.

I feel fortunate to be in a unique position to have a direct impact on my community, from our Black students and universities to our Black business owners and financiers. I encourage other companies and leaders to join us. If more leaders and businesses make these types of investments, we can help more people succeed and create a more inclusive future for all.