The British Fashion Council has launched a new fund today to help creative businesses and individuals to survive the coronavirus crisis.
The BFC Foundation Covid Crisis Fund will make £1,000,000 of emergency funds available to designer businesses, with a portion of the money also being allocated to students to "underpin the future generation of creative talent."
“Now more than ever, we are committed to support the businesses and people that make up our industry," Caroline Rush, CEO of the BFC, said. "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.”
The BFC has raised the money through pooling the BFC talent support grants that would have traditionally been awarded to emerging brands for either early stage showcasing support or business growth and promotion.
The BFC is also calling on the government to help support its mission of creating an industry stimulus, and on the fashion industry and individuals to support the Covid Crisis Fund through donations, so that more businesses can be supported.
The news comes as the British fashion industry grapples with how to handle the falling out of the crisis. Burberry has confirmed that retail store sales were down 50 per cent over the last six weeks, and there are also grave concerns for smaller brands too.
Applications and mechanics for funding from the new BFC Foundation Covid Crisis Fund will open within the next 7 days, with applications closing on April 10, 2020. The fund is open to womenswear, menswear and accessories businesses, not bridal or childrenswear.
