A consortium of business leaders is offering support to South African companies of all sizes that are in financial distress as a result of Covid-19.

The pro-bono Covid Business Rescue Assistance (Cobra) initiative offers structured businesses access to turnaround specialists who can help restructure their organisations and provide access to extra financing that may be necessary to get them back on track.

The consortium aims to help reduce the impact of Covid-19 on an economy already in its second technical recession in the last 18 months.

Cobra is the brainchild of IQbusiness, Schindlers Attorneys and Engaged Business Turnaround, the Sirdar Group, Adept Advisory and Envision.

The consortium partners have a wealth of experience in the fields of law, accounting, technology and business turnaround.

“We predicted that the economic fallout of the epidemic would be catastrophic for many small, medium and micro enterprises, as well as for bigger businesses.”

Cobra CEO Adam Craker

Cobra’s co-founder and CEO Adam Craker says there was an urgent need for a form of ecosystem to enable businesses to sustain themselves through the economic crisis, which he likens to an approaching tsunami.

“We can see it building on the horizon while we try to get everyone ready and on high ground,” Craker says.

Listen to his interview on Classic FM:

Cobra is available to assist South African businesses of all sizes. Visit the Cobra website for more information about business rescue support.

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