Gift cards — which offer much-needed liquidity to small businesses — are a good way for consumers to help out cash-strapped companies during the dining shutdown.
But a growing number of restaurants think “dining bonds” could be an even better way, and they’re banding together to sell them to customers.
Would-be diners buy a restaurant-issued bond for a discounted rate (usually 25% less), and then redeem it after a predetermined amount of time (typically 30-60 days) for a greater amount.
So, for example, a buyer might purchase a bond from their favorite taqueria for $75 and then redeem it for $100 worth of burritos in 3 months.
A group of New York restaurants launched a website called SupportRestaurants.org that is dedicated to the sale of dining bonds.
As of yesterday, the website had already attracted 142 partner restaurants to its platform (hungry readers can find a map of the restaurants, which are located across the US, here).
SupportRestaurants.org is a non-profit that does not collect fees from its partners. Participating restaurants set their own terms for the sale and redemption of these bonds (if you own or work at a restaurant and want to get involved, go here).
One site, called HelpMainStreet, offers consumers an interactive list of local businesses that are still selling gift cards.