The Barstool Fund
At the time of writing this, we are living with Covid-19 and its effect for more than a year. We are facing social distancing, working and studying from home, quarantines, and many more issues. If you are a small business, this must have been a very tough year. Restaurants, bars, cosmetics, gyms, and many others couldn’t operate normally, because the government restrictions has forbidden them to work. Based on the country they live in, they have received some government support, however, this might not be enough to survey. This is where The Barstool Fund comes to help.
They are trying to help as many small businesses as they can in the USA. This all started after restaurants weren’t allowed to be open in New York, due to Covid-19. Because of that situation, the founder of The Barstool Sports, David Portnoy, shared a video where he expressed his concerns about closing down the restaurants. Therefore, he cofounded The Barstool Fund and initially contributed half of million dollars to it.
We found this project to be interesting not only because they are actually trying to help others, but also for their system of applying these funds to small businesses. There are two factors that small businesses must meet in order to receive help from them: In the first step, small businesses must show to the Barstool Fund that their business is in danger only due to Covid-19. If the business wasn’t profitable before the pandemic, it will almost certainly be rejected. In the second step, small businesses must pay the wages to all the employees. The owner of the business mustn’t fire anyone in the time period of receiving help from the Barstool Fund. Why so rigorous limits? Because there are a lot of companies in the USA that need help, but they can help only so few. They want to allocate their funds as efficiently as possible. Their goal is to help businesses survive the pandemic. Therefore, the paying method is different from usual.
They are also not a one-time funding campaign. When they decide to fund a specific company, they will try to cover their expenses for the whole time of not being able to operate. This is really impressive. What helps is to companies to receive a one-time fund and being able to cover the costs for one or more months, than go bankrupt the following month. That is why, they want to make sure that as little money the fund has, it uses it efficiently. Therefore, they are only funding companies that would be able to operate in normal life.
At the time of this writing, The Barstool Fund has already raised over 35 million dollars. That is a lot! They have accepted more than 290 businesses in their program. That is really impressive. Just think about how many businesses and employees will be saved, because of this fund. What’s even more impressive is that over 200.000 people have donated to this fund.
They are trying to bring as much attention to their fund, so they will raise as much money they can. Therefore, they went on almost all the major networks and explained what are they doing. It definitely helped to bring attention to them, when celebrities as Kid Rock, Aaron Rodgers, and many others have donated. You don’t have to be a celebrity to participate. You can send them any amount of money. You can pay with a card, check, or even with crypto.
We can see what can happen if you just start helping others. We are bringing our share and trying to bring awareness to them. Keep up the good work!