A Quick Guide to Financial Support for Small Fashion Businesses | Intelligence | BoF – The Business of Fashion

LONDON, United Kingdom — As the coronavirus pandemic upends the global economy, businesses of all shapes and sizes are facing existential threats. But small businesses are particularly vulnerable and many may need support from governments and other bodies to survive. Here is an overview of the sources of funding, including grants and loans, available to small businesses in the key fashion hubs of Italy, France, the United States and the United Kingdom. For further advice, as well as information on financial aid for other countries, entrepreneurship publication Sifted offers a comprehensive resource.

We are updating this list as new sources of funding become available. Please contact rachel.deeley@businesssoffashion.com with information on any additions to this list.

United States

  • President Trump’s $2.2 trillion stimulus package comprises about $350 billion in loans for small businesses. These loans will be available through US Small Business Association (SBA) lenders, as well as any any financial institution signed up to the programme. Treasury Secretary Steven Mnuchin expects the rollout to be as early as Friday April 3, according to The Wall Street Journal.
  • The SBA is also offering low-interest economic injury disaster loans of up to $2 million (and advances of up to $10,000) for enterprises across all US states and territories, as well a debt relief programme and express bridge loans of up to $25,000 for short-term cash flow needs, available to businesses with an existing relationship with the SBA. For more information, see the SBA website

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