Changing Hands Bookstore raises money for Phoenix store - FOX 10 News | myfoxphoenix.com

Changing Hands Bookstore raises money for Phoenix store

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PHOENIX -

They've been part of the valley for close to 40 years.  Now Changing Hands Bookstore is trying to expand into a second location, but they've run into a problem.

Changing Hands has weathered massive changes in its industry.  Its Tempe bookstore has been successful for years and they're trying to open a second in the old Beef Eaters restaurant near Camelback and Central, but getting a small business loan to finish the project hasn't been easy.

"It is so difficult to get a bank to just say great, you are a good credit risk, you have been in business for 40 years. We are happy to loan you the money.  Instead they make you jump through so many hoops," said Changing Hands' owner, Gayle Shanks.

Shanks mortgaged her home, but still needed about $80,000.  Instead of going back to the bank, she got online and started a campaign to raise the funds through donations on Indiegogo.com.

On Monday afternoon -- its first day, the campaign had already taken in more than $10,000.  By 5 p.m., they raised more than $12,000.

"It will push us right over what we need to get the books on the shelves, build out the bar, put the lighting in.. we are going to have this amazing area for children," said Shanks.

The new bookstore will be part of a new project called the Newtown.  It's a mixed use space that will include a restaurant and flexible meeting places.

"This was a way for our customers who wanted to help us to physically help us, financially help us, invest in the store. If they do that, then it's going to be their store," said Shanks.

The bookstore has 30 days to raise the funds.  The development is hoping to be up and running by this spring.

Online: changinghands.com/indiegogo

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