November 2019

Small Businesses Are Using GoFundMe to Stay Afloat

According to 'The Wall Street Journal,' companies in nearly 20 countries have used the website to generate funds. Besides a small credit card fee, users are granted access to all the money they generate. "These independent businesses become pillars in a community, and when they can’t stay open, the communities really rally." - CEO Rob Solomon, via 'The Wall Street Journal'. One business, N.Y.C's 'Books of Wonder,' is using GoFundMe to re-locate to a more affordable spot. 'Books of Wonder,' which is seeking $250,000, has raised $23,000 since fundraising began late October. Manhattan Chamber of Commerce's Jessica Walker says small establishments have to contend with obstacles such as raised rent. "If a business is struggling, it’s much harder to get a bank loan." - Jessica Walker, via 'The Wall Street Journal'. "It’s most helpful to people, such as women and people of color, who don’t necessarily have access to a ton of wealth within their networks." - Jessica Walker, via 'The Wall Street Journal'