COBRA (COVID-19 Business Rescue Assistance) was established in March 2020 as a direct response to the immediate and immense need to support distressed businesses that were impacted by the economic lockdown caused by the COVID-19 pandemic. To date, it has assisted close to 300 businesses in various ways. This includes restructuring, refinancing, accessing unemployment insurance for staff, pivoting core offerings, moving onto digital platforms, business rescue and corporate turnaround.
Currently, although the most restrictive economic lockdown levels have been alleviated, the need for assistance by businesses large and small across South Africa has never been greater. Unemployment levels are at their highest ever levels, and it appears that basic services are slated to be further cut in favour of government bail-outs of bankrupt state-owned enterprises.
COBRA provides business financial help to businesses in distress they need to navigate these unprecedented times. The recent launch of the newly curated COBRA Knowledge Hub has now made COBRA insights and knowledge easily accessible to all South Africans who are using their businesses to rebuild our economy and livelihoods across the country.