It’s hard to believe that the COVID-19 crisis has been ongoing for over six months. In March, it seemed like this would be a matter of weeks, not six-plus months. Some of the biggest news stories have focused on depressing statistics about unemployment numbers or hard-hit small businesses. However, it’s important to note that every crisis also brings opportunity with it.
Some of the best examples of this can be seen in the fashion industry. One bridal boutique in Hoboken, New Jersey, transitioned to making PPE after several brides postponed or even cancelled their weddings. Owner Adreienn Braun notes that the crisis introduced her to people she never would have met otherwise and that her staff of seamstresses was mostly able to work from home, in accordance with social distancing regulations.
Another garment business that has also adapted to COVID-19 is Hedley and Bennett. This Los Angeles-based company is known for the high-end chef’s aprons and knife bags they make. When the coronavirus hit, restaurants and catering businesses were some of the earliest and hardest hit industries. Hedley and Bennett consulted with a doctor to design a fabric mask suitable for daily use. It even has a space where a filter can be inserted.
High fashion companies have also adapted to the new normal. For example, New York Fashion Week is streaming this September instead of taking place live in front of large crowds of buyers and industry pros. Companies like Burberry will be showcasing their clothes using Twitch. This is in contrast to Europe, where Milan held socially-distanced fashion shows in July.
For companies that need to make these difficult transitions, Alliance Leasing can help. Our equipment leasing agreements make it possible for small businesses to expand or pivot when they need to. At Alliance, we can finance everything from software to vehicles or kitchen equipment. Best of all, under Section 179 of the IRS tax code, equipment financing is fully tax-deductible up to $1 million annually. The only requirement is that the equipment be placed into service within the tax year. Reach out today, we’d love to help you!