Good bookstores are not only profitable businesses, but are proven cultural institutions. Over the years DIESEL has been an oasis for some -- a place where things slow down a fraction, a step away from their point-and-click workaday; we are an event space, where some finally get to meet their favorite touring or local author; and still for others, we're the place they can go not only to get the best book recommended, but where they can excitedly talk about what they just finished. I’m convinced there’s no better and important time for this transfer to be happening.
(Industry trends agree. Over the past seven years, independent bookstores have defied the reports of their demise, with the American Booksellers Association reporting a 27% increase in the number of independent bookstores!)
The metamorphosis from DIESEL to East Bay Booksellers comes with its fair share of expenses and bills that personal investments cannot completely cover. Like any conversation worth having, we're in this together.
We are seeking loans of $1000 dollars and up from friends near and far who share our belief that bookstores and locally-owned, independent businesses are perhaps more vital than ever before. Our Community Lender program differs from crowdfunding models like Kickstarter or IndieGoGo in that we are inviting loans that are legally administrated through a simple loan document and promissory note, and are repaid in quarterly payments over five to ten years. (Repayment begins one year after the new store’s opening date, which is still to be determined, allowing East Bay Booksellers to hit the ground running with a short grace period.) Return rates for all loans will be compounded annually between 1.5% and 4% (loan term and rate are chosen by the lender, and are private).
For more details, or to get involved, please contact me at email@example.com. I'd love to talk with you more about East Bay Booksellers, and can't wait to hear from you.
2/19/2017 -- As of today, I'm at about 65% of my $200k goal (actual dollars & cents, not pledges)! How about that, huh? Still work to do, though! I think I can ... I think I can ... I think I can ...