- 11:57 am - Tue, Jul 17, 2012
- 55 notes
Here’s an impressive variation on the “share economy” idea. It does involve a rental fee, but it clearly makes tools available in an efficient way, with positive results.
Since opening last year, Charlotte’s ToolBank has equipped more than 11,000 volunteers at 500 different projects, lending tools with a combined retail value of $243,000 for only $7,200. It now provides 134 nonprofit agencies with tools.
The Charlotte location is just one of several ToolBanks nationwide. The original, Atlanta Community ToolBank, celebrated its 20th anniversary last year. Baltimore’s ToolBank opened at the end of May, and another is scheduled to open in Cincinnati later this summer. Local nonprofits can rent tools for just three percent of the cost of the tool, multiplied by the number of weeks it’s needed. A shovel that normally costs $30 to buy? A paltry $1.80 cents to rent it for two weeks from the ToolBank.
The rentals fees are just “enough to get people to bring the tools back,” says Patty Russart, who has served as executive director of Atlanta’s ToolBank for nearly four years.
(via The Awesome Power of ToolBanks - Neighborhoods - The Atlantic Cities)