Dining Bonds Support the Restaurant Industry
The restaurant industry across the world is beginning to feel the full effect of the Covid-19 pandemic, with many forced to shut their doors. To support those businesses affected in the US, a group of industry professionals has come together to start a Dining Bonds initiative, to help with cash flow and keep hospitality businesses afloat.
Through the initiative, consumers can buy bonds for restaurants much like they would a regular savings bond. For example, if they purchased a $75 bond with a participating restaurant, they could then redeem it in 30 to 60 days (with the time frame agreed on a restaurant-by-restaurant basis). The bonds are being sold directly from the restaurant at a suggested price of 25% less than their face value.
The Dining Bonds initiative is open to all types of industry across the US, including cafés, bars and restaurants, from casual to fine-dining establishments, and there is no fee for restaurants to participate.
Many restaurants across the UK and US are also asking for consumers to buy regular gift cards to spend at a later date once they can re-open, or are ramping up their takeout service to supplement the loss of in-person business.