The British Fashion Council has announced £1m in support to help fashion businesses survive the Covid-19 coronavirus outbreak.
The BFC Foundation Covid Crisis Fund with mostly support designer businesses, however, a portion of funds will also be allocated to students.
The funding is a result of pooling the BFC talent support grants that would have otherwise been awarded for either early-stage showcasing support or business growth and promotion.
Applications will close on 10 April, and the BFC has provided the following guidance:
- Applicants should have an established designer fashion business
- The applicant’s collection should consist primarily of womenswear, menswear, accessories, millinery or fine jewellery - not bridalwear or kidswear
- The applicant’s company should be based in the UK and be registered with Companies House or a sole trader
- The applicant’s company should be majority-owned by the designer/creative director and not have had outside equity funding in any material amount
- Grant money requested should relate to a clear purpose to support the business’ survival over the next year
The BFC has now called on the government to work with them on further industry stimulus, as well as the industry and individuals to support the Fund through donations.
Caroline Rush, Chief Executive 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.”