Support Book Culture
To all the supporters of Book Culture,
Thank you sincerely to all our customers and supporters. We are steadily receiving new pledges and the proceeds from previous pledges which is extremely uplifting. I can't say enough about how our current managers and staff have shown remarkable resilience and optimism in very difficult circumstances.
Over the weekend of November 2nd we reached our pledge drive goal of $200,000, a few days before our November 5th deadline! This was no small feat, and it is all because of you. (This amount will be showing up incrementally in our overall progress bar as we receive the pledged funds.)
This pledge push represented an integral step in our survival strategy and Community Lending Campaign and thanks to your enormous generosity, we have the capital to make it through the holidays and hopefully beyond. So please pay us a visit and shop local this season--we have great recommendations and gifts and we'd love to meet you all in person!
Our goal remains the same, to gain access to loans or a line of credit totaling $750,000 which we will repay.
If you are willing to help, please consider acting now.
It is important to restate that our financial forecasts indicate that we will be profitable in 2020 with access to the credit we need. Book Culture is not on a path to failure no matter what.
With access to proper financing, we will be profitable again.
In the News
"Independent stores like Book Culture should get more support from the government. My husband and I are regulars at our local Book Culture, and to see it close would be devastating for the communities they serve." - Gale Brewer, Manhattan Borrough President, as reported by Gothamist, June 24th
"We need help," owner Chris Doeblin said. "And I think we're worth it." - Chris Doeblin interviewed for FOX 5 News, June 25th
“It feels like home”: a community reflects on Book Culture’s impact amid revelation of local chain’s financial struggles - Columbia Spectator, July 7th
We have decided to implement a Community Lenders program, because the sum we need is large enough that it may need to come from several sources, and because so many of you have offered financial help.
The program is simple. Community members with the financial capability lend directly and individually to Book Culture.
This is an alternative to crowdfunding. It allows Book Culture to borrow and repay and to contract directly with you. It allows you an opportunity to invest in the community. There are no fees, so all the funds can be repaid and are used directly for the stated purpose of working capital for Book Culture.
We ask for a minimum loan amount of $5000. Book Culture will repay the loan over time with 4% interest.
There is a simple signed Loan Agreement between the lender and Book Culture. (Please contact us to arrange different terms if you'd like.)
Every lender will enjoy the same benefits as our Sustaining Member program but instead of 10% off all purchases they'll receive 20% off.
If you have the means to make a loan to Book Culture, please write directly to us at firstname.lastname@example.org or email@example.com and a sample loan agreement can be provided that will indicate the terms.
For those that would like to support Book Culture financially and be part of our success story without the extraordinary means to lend at the proposed level, please purchase a gift card. Whether you use it immediately or hold onto it until after we are out of the woods it will be a great support to us either way. Gift cards can be purchased in any amount, online or in stores.
We hope to raise a significant part of our total need in this way and it will contribute directly by indicating the support our communities have for us, strengthening our appeal in City Hall and elsewhere.
A loan made to Book Culture in this way is an investment in your community, in our city and in our future.
Thank you all again for giving us hope that we can find a way forward. We will provide another update soon.
We believe in a business culture dedicated to the public good.
Click below for our all of our updates:
7/30/19: https://conta.cc/2SRHKK7 (Status Update)
7/22/19: https://conta.cc/2Y6hAoc (Status Update)
7/8/19: https://conta.cc/2NHIiU5 (Introducing the Community Lender Program)
6/27/19: https://conta.cc/2NliGfu (Addressing Initial Questions)
6/24/19: https://conta.cc/2NaWKUc (A Letter to the Community)