News from Greenlight Bookstore

Hello! Spring is in the air and things, they are a-happening...

______________________


A few months back, we announced that it was a "yellow light for Greenlight" (thanks to our fellow bookseller and friend Kelly for the imagery). We were uncertain whether the state of the economy would allow us to open on the timeline we had hoped, and we weren't finding a retail space that suited our needs, so we put things on hold and laid low for a while.

In the meantime, we were still keeping our minds (and hearts) open to finding the perfect space, and at last it looks like we may have found it. We are currently in lease negotiations for a wonderful space right in the heart of Fort Greene! (We'd love to tell you more - give us a week or two so that we can ensure things are going forward before we reveal our location.) If all goes as we hope, we're looking at a lease beginning in the next month or two, a few months for buildout, and a tentative opening in late summer or early fall.

Of course, this great news means that a lot of other things have to come together VERY quickly: most notably, the money stuff. In order to build, outfit and stock the bookstore right, we still have to raise a certain amount of additional capital. While we don't need to have cash in hand immediately, in order to commit to this venture now, we do need to know that we can count on it coming in (eventually.)

We are working on traditional financing options (SBA loans, small business grants, etc.), but we would like as much of our funding to come from our community as possible. With this in mind, we thought it would be a good time to come back to you, our supporters, about the option of community loans. Some of you (you know who you are) have already committed to loaning money to Greenlight under our Community Lender promissory note terms (detailed below.) We thank you! Acting as a lender to Greenlight Bookstore is an investment in your community, and in the book culture of New York City. Now we're putting out the call to those of you we haven't heard from yet: we can use your help as well.

We know economic times are tough, and that's one of the reasons why we feel putting your money into a community venture like Greenlight Bookstore is one of the best investments you can make. As the loan terms below dictate, this is a transaction a lot like putting your money into a CD: you get it back, with interest, after a certain amount of time. There is a certain risk involved - but given the support for the bookstore project we've already seen in Fort Greene, and our 25 years of experience in the book industry, we feel it's a risk worth taking. We'd love it if we could pay back our loans right into the community (that is, the neighborhood AND our friends and colleagues) that has already supported us in so many other ways.

If you're interested in becoming a community lender, we ask that you reply to us with an expression of interest, any questions you may have, and the approximate amount you're interested in investing. You're naturally not legally obligated until you sign the promissory note, but we ask that you be as certain as possible of your commitment level, so we can estimate the amount of community loans we can factor into our startup capital. It may take us a little time to get back to you as we work to pull all our applications together, but we WILL be in touch, and will work out details and paperwork with you based on your interest.

Thanks again to those of you who have already become Community Lenders to Greenlight Bookstore, and thanks in advance to those of you who can search your hearts (and your pockets) to support this project. Investing in an independent bookstore, and investing in your community, means earning a return on your investment that is more than just financial.

We'll definitely keep you posted on how things are going!

Best,

Jessica and Rebecca
Greenlight Bookstore
__________________

Community Lender Terms

Community Lenders will commit amounts from $1,000 to $10,000 in the form of a loan. (Anything above $10,000 we can discuss both terms and interest rates separately.) Loans will be repaid by Greenlight Bookstore in quarterly installments over a period of five years, beginning one year from the opening date of the bookstore.* Loans will be repaid at an interest rate between 0% and 4%, determined by the lender.** Interest will be compounded annually, and loans will be administered by promissory note. Community Lenders will also earn status as Founding Members of Greenlight Bookstore, with ongoing privileges throughout the life of the store.

* This one-year grace period allows the store to get on its feet during the more challenging first year, and ensures that payments will follow regularly afterward.

* * We offer an adjustable interest rate so that lenders can decide what return rate makes the most sense for both the bookstore and for the sake of their loan.