HPE Financial Services has announced more than $2 billion in financial support to help customers ensure business continuity during the coronavirus pandemic. This financial aid will include cash-flow or liquidity issues.
To help businesses during coronavirus outbreak
Many companies are announcing support programs considering the current COVID-19 pandemic to help manage impacts on businesses. These special aids can sometimes include free usage of products or financial supports to buy new technology.HPE Financial Services also introduced initiatives, including a Payment Relief Program. New Payment Relief Program enables HPE customers to acquire new technologies by paying 1% of the total contract value each month for the first eight months. They are deferring over 90% of the cost until 2021. This could be a safety buoy for businesses to help navigate the financial impact of Coronavirus in the next few months. Each monthly payment would equal approximately 3.3% of the total contract value.
Irv Rothman, President, and CEO of HPE Financial Services said,
“This is a challenging time to lead a business. Today more than ever, IT leaders and CFOs play a central role in ensuring financial health while continuing operations. At HPE Financial Services, we are committed to helping businesses align their priorities from an IT economics perspective and provide them with concrete solutions so they can move forward.”
HPE Financial Services leads several programs that are addressing some priorities, including generating cash from existing assets, deferring or reducing expenses, matching payments to production, relieving capacity strain, or delivery delays, offering short-term rentals.
Under these programs, customers get different types of support to improve their position in the market. For example, HPEFS buys back excess newer generation technology from its customers. Over the last two years, customers had paid back more than $642 million.