British Fashion Council launches Foundation Covid Crisis Fund
THE British Fashion Council has launched the BFC Foundation Covid Crisis Fund in support of creative fashion businesses and designers.
British fashion designers are responding with innovative solutions to the pandemic crisis
The BFC funding scheme has been made possible through the pooling of available talent support grants previously designated for early stage showcasing or business growth and promotion.
Supporting the Crisis Fund are partners in the BFC/Vogue Designer Fashion Fund, BFC/GQ Designer Menswear Fund with support from JD.COM Inc, the BFC Fashion Trust and BFC NEWGEN.
“Now more than ever we are committed to supporting the businesses and people that make up or industry,” said BFC Chief Executive Caroline Rush. “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 to address their most urgent challenges.”
The BFC is calling for support through grant funding and long-term, low risk loans to underpin retail cancellations and sell-through guarantees in aid of business disruptions to supply chains. Britain’s fashion council is also requesting rent holidays in office and retail stores to protect employment while campaigning for creative freelance income protection.
Crisis funding up £1 million has been allocated for designer businesses students who are struggling to stay afloat.
“A lot of the creative industries are run by freelancers and the self-employed,” said Dazed Media CEO Jefferson Hack. “The supply chain, the inventory and all retail is shut down. People think the system can move to e-commerce but it’s not that easy for young designers who are not big businesses to run an e-commerce system that is sustainable for them.”
The not-for-profit BFC has worked closely to brief the British Government on challenges in the industry while keeping their stakeholders informed. In addition, the Council is seeking contributions to support designer businesses and creative talent through the crisis in its fundraising campaign.
Although the initial funding application process closed earlier this month, BFC is actively fundraising for an additional £500,000 from government and corporate support.
For updates on the BFC Foundation Covid Crisis Fund see online at https://www.britishfashioncouncil.co.uk.
