NEW YORK, May 11, 2020 /PRNewswire/ -- The Dining Bond Initiative, a campaign that helps get funds to restaurants impacted by the coronavirus COVID-19, has gone global. Since its inception in mid-March, more than 500 restaurants around the world have joined the program and are reporting sales ranging from several thousand dollars to up to $60,000.
The idea of purchasing Dining Bonds seemed to strike a chord with the public as a way to provide much needed financial support in order to help restaurants stay in business. Because of its initial success and tremendous popularity, The Dining Bond Initiative will remain a permanent and ongoing program that will help raise money for the restaurant community.
Co-founders Helen Patrikis and Steven Hall, two hospitality PR professionals, formed Dining Bonds, LLC with the goal of establishing it as a one-stop resource to raise revenue for the hospitality community. The company is exploring collaborations with corporate partners and charities, as well as merchandise sales, to keep its mission alive.
"When we originally kicked off the campaign, we had no idea that it would resonate on such a global scale," said Helen Patrikis. "It's incredible and heartwarming to see this grassroots effort become such a unifying initiative, with so many individuals and restaurants coming together for the good of the entire industry. That's why we felt it was important to continue our efforts so that we're always here to help when the need arises."
As restaurants prepare to re-open, the need for financial support remains strong. While some restaurants were able to pivot to offer takeout and delivery, many did not have that capability and had to shut down temporarily. Most will re-open with reduced capacity, and it will be many months before the industry resumes normal operations.
"It's going to be a long road back to normal," said Steven Hall. "Even with government loans, restaurants will still struggle to pay past due invoices, rent, and other expenses. We can continue to show our support for the hospitality industry and the great, hardworking people it employs. Restaurants are a vital part of our communities and our lives. They are where we go to gather and celebrate, and we need to make sure they'll be there for us."
Dining Bonds work like savings bonds, where guests can purchase a bond at a value rate today, to be redeemed for full face value in the future. The funds raised help ensure the survival of restaurants, many of which are family owned.
"Dining Bonds was the first initiative to help restaurants through this pandemic, and we've found it to be extremely helpful in getting some funds into our hands quickly," said Roni Mazumdar, owner of New York restaurants Rahi and Adda Indian Canteen. "The program is inventive and very attractive to our guests."
Restaurants around the world can continue to participate in the Dining Bond Initiative at no cost by answering a few questions on the organization's website, which has been translated into several languages. Diners can locate restaurants on www.diningbond.com, where they can connect with a restaurant to handle the transaction directly.
Dining bonds are typically offered at a suggested savings of 25% when purchased. For example, a $100 bond would sell for $75 today and would be redeemed for full value on or after the redemption date. Each restaurant determines its own terms for the discount and redemption.
For more information, visit www.diningbond.com.
SOURCE Dining Bonds, LLC