Article By Riaan Petersen (Head of Business Banking Segment Solutions, Absa Retail and Business Bank)
The recent global health crisis has many of us deeply concerned about the health and wellbeing of our family, friends and employees. Not to mention the impact it has on us as business owners. We may consider a multitude of strategies, tactics and angles, but at the end of the day it effectively comes down to one thing – the lifeblood of our businesses…cashflow!
There is little doubt there will be a drop in revenue over the coming months, attributed to the forced and potentially protracted lockdown period. The knock-on effect of this will inevitably be a drop in demand across sectors like travel and tourism, retail and entertainment. Coupled with this, many suppliers may have already had to shut down their production. As others grapple with how to transport goods both locally and across borders
We recognize and acknowledge that a vast majority of businesses have these challenges and may have to seek alternatives to plug the revenue hole as the world returns to normal. You’ve done some research on COVID-19 funding relief options, but don’t have the time to verify the information. To help you, we have compiled a useful COVID-19 Funding Relief infographic specific to South African businesses to help you seamlessly navigate the funding option landscape.