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British Fashion Council announces COVID-19 fund with £1 million available

NEWS With its supporters, the British Fashion Council is unlocking emergency funding to help designer businesses during the COVID-19 pandemic
Filed by Lucire staff/March 27, 2020/7.48

The British Fashion Council has launched the BFC Foundation COVID Crisis Fund, making £1,000,000 in emergency funds available, with the majority going to support designer businesses, and a portion to students.
   The Council pooled its talent support grants, usually going to early-stage support or business growth and promotion. Supporters of the fund include Arch & Hook, British Vogue, Browns, Burberry, Depop, GQ,, Label/Mix, Paul Smith, Rodial, and Value Retail.
   It has called on the UK Government to work with them on an industry stimulus package, and has asked the industry and individuals to donate to support more businesses.
   It calls for: (a) support for liquidity for grants or long-term, low-risk loans to address retail cancellations and sell-through guarantees; (b) rent holidays for office and retail stores; and (c) additional financial measures to support creatives’ income.
   Applications will open in the next seven days, closing on April 10.
   The criteria for applicants listed by the BFC follow.
   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 or creative director and 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.
   Further COVID-19 updates from the Council are available here.

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