Small Businesses Are Using GoFundMe to Stay Afloat

Credit: Wibbitz Top Stories
Published on November 12, 2019 - Duration: 01:15s

Small Businesses Are Using GoFundMe to Stay Afloat

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 canโ€™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, itโ€™s much harder to get a bank loan." - Jessica Walker, via 'The Wall Street Journal'.

"Itโ€™s most helpful to people, such as women and people of color, who donโ€™t necessarily have access to a ton of wealth within their networks." - Jessica Walker, via 'The Wall Street Journal'


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