The British Fashion Council (BFC) is making GBP1m (US$1.2m) of emergency funds available to help support creative fashion businesses and individuals during the Covid-19 pandemic. 

Most of the BFC Foundation Covid Crisis Fund will support designer businesses, while a portion is also allocated to students.

The move 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. 

While BFC says that while GBP1m is a “great start,” it has also called on both government to step in to work with it on industry stimulus, and on the industry and individuals to support the Covid Crisis Fund through donations.

It wants 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. It also asks for rent holidays for office and retail stores to further protect employment, and has campaigned for additional financial measures to protect the income of creative freelancers.

“Now more than ever, we are committed to support the businesses and people that make up our industry,” CEO Caroline Rush says. “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.”

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Funding is aimed at established designer fashion businesses in womenswear, menswear, accessories, millinery or fine jewellery – not bridalwear of childrenswear – that are based in the UK and majority-owned by the designer/creative director.

Click here for additional insight on the coronavirus outbreak: How coronavirus is impacting the global clothing industry 

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