Above image: backstage Charles Jeffrey SS20
Today the British Fashion Council (BFC) announced they would be launching a Crisis Fund to help small businesses and individuals survive the financial repercussions of Covid-19.
A £1 million donation has been made through the BFC Foundation, with the majority being allocated to supporting designer businesses and with an eye on the future, a portion has also been given to students. As the latest institution to set up large-scale donation funds within their respective industry, the BFC are one of many voices calling for their own initiatives to be supplemented with government help. The same is asked of individuals and the fashion industry as a whole, whose multi- billion giants are being urged to make donations to the Covid Crises Fund in order to widen the safety net for smaller businesses and designers.
“Now more than ever, we are committed to support the businesses and people that make up our industry,” said Caroline Rush, Chief Executive of BFC. “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 Fund will open within the next 7 days, with applications closing on April 10th.
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.