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Engineering News reports that despite the SA economy having contracted by 7% year-on-year in 2020, the Covid Business Rescue Assistance (Cobra) initiative has managed to save dozens of businesses and thousands of jobs.
Cobra is SA’s largest nonprofit organisation for distressed businesses. It was started in March 2020 by management consultancy IQbusiness, law firm Schindlers Attorneys and turnaround experts Engaged Business Turnaround, as well as an ecosystem of 90 partner enterprises. To date, Cobra has assisted more than 320 businesses with direct assistance — many of which would have failed without the help that was made available from the team of experts. This has translated into more than 2,000 jobs being saved across a diverse range of sectors, including the retail, automotive and restaurant industries. Cobra’s virtual war room brings together the expertise of a diverse range of professionals in law, business, technology and consulting to assist businesses that are in financial distress. This collaborative model sees a range of businesses and professionals working together in an effort to help ailing businesses. The organisation is motivated by the shared recognition that ensuring the survival of the SA economy is a priority that must be undertaken as an act of good corporate citizenship.
- Read the full original of the report in the above regard at Engineering News
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