Today, the British Fashion Council has announced the launch of the BFC Foundation Covid Crisis Fund, which aims to support fashion businesses and individuals survive the Coronavirus crisis.
The BFC is making £1 million of emergency funds available, with the majority supporting designer businesses and a portion of funds also allocated to students, underpinning the future generation of creative talent.
In addition to the £1 million emergency funds, the BFC has also called on both the Government to step in to work with them on significant stimulus, and on the industry to support the Covid Crisis Fund through donations, so that more businesses can be supported at this time.
Caroline Rush, Chief Executive of the BFC, said: “Now more than ever, we are committed to support the businesses and people that make up our industry. With the BFC Foundation Covid Crisis Fund and the donations raised, our hope is to support those British businesses that need additional subsidies, beyond Government stimulus available, to address their most urgent challenges.”
Applications for funding from the new BFC Foundation Covid Crisis Fund will open within the next 7 days and close on 10 April 2020.
Application criteria include:
- Should have an established designer fashion business.
- Collection should consist primarily of womenswear, menswear, accessories, millinery or fine jewellery – not bridalwear or childrenswear.
- Company should be based in the UK and be registered with Companies House or a sole trader.
- Company should be majority-owned by the Designer / Creative Director & not have had outside equity funding in any material amount.
- Grant money requested should relate to a clear purpose to support the business survive over the next year.