NAJ News

British Fashion Council announces launch of BFC Foundation COVID Crisis Fund

27 Mar 2020

BFC-NAJ

British Fashion Council (BFC) is announcing today the launch of the BFC Foundation Covid Crisis Fund, supporting creative fashion businesses and individuals to survive the Coronavirus crisis.

The BFC, through its charity the BFC Foundation which brings all BFC charitable initiatives under one umbrella, is making £1,000,000 of emergency funds available with the majority supporting designer businesses and with a portion of funds also allocated to students, underpinning the future generation of creative talent.

This has been made possible through pooling the BFC talent support grants that would have traditionally been awarded for either early stage showcasing support or business growth and promotion. BFC would like to thank all of those that have made the funds possible and our partners in the BFC/Vogue Designer Fashion Fund, BFC/GQ Designer Menswear Fund supported by JD.COM, INC, BFC Fashion Trust and BFC NEWGEN.

While £1 million is a great start, the scale of the need is much greater and BFC has called on both Government to step in to work with them on significant industry stimulus, and on the industry and individuals to support the Covid Crisis Fund through donations, so that more businesses can be supported at this time.

The crisis has seen creative businesses fighting on several fronts. BFC calls for support for liquidity in the form of grants or long-term low risk loans that address retail cancellations and sell through guarantees and in turn will help businesses address disruption to supply chain and a potential domino effect of failure. BFC also asks for rent holidays for office and retail stores to further protect employment. As a member of the Creative Industries Federation, BFC has also campaigned for additional financial measures to protect the income of creative freelancers who play such a significant role in the fashion industry.

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.”

A guideline to criteria for businesses to apply are:

  1. Applicants should have an established designer fashion business
  2. The applicant’s collection should consist primarily of womenswear, menswear, accessories, millinery or fine jewellery – not bridalwear of childrenswear
  3. The applicant’s company should be based in the UK and be registered with Companies House or a sole trader
  4. The applicant’s company should be majority-owned by the Designer / Creative Director & not have had outside equity funding in any material amount
  5. Grant money requested should relate to a clear purpose to support the business survive over the next year

Applications for funding from the new BFC Foundation Covid Crisis Fund are now open, with applications closing at 5 pm on Monday 13th April 2020.

 Apply for the BFC Foundation Covid Crisis Fund

 

Source: British Fashion Council