| have a problem and normally I wouldn’t talk about it publicly, but it affects Rebel News.
I think I need your help because I can’t solve it all by myself.
If you can help, I’d appreciate it. It would be a real personal favour to me.
I’ve had a banker call in two Rebel News loans — and we have to pay them off right now.
We had expected to be able to roll the loans over for another year. But there’s a new boss over there, and they are demanding the money in full.
We have to pay off approximately $195,000 by next week — December 28th. And we have to pay off another $185,000 a month later, on January 28th.
That’s a total of $380,000 and obviously that’s an incredible burden on us.
We were surprised by this — the loans have always been like a mortgage. They have an 8.5% interest rate, so it worked out to around $2,500 dollars a month in payments. And we can totally handle that.
But this year, the banker has asked for all the money back. He said he’d only renew the loan if we now pay double-digit interest rates. So it feels like we’re between a rock and a hard place.
How am I going to come up with $380,000 in the next five weeks?
Instead of stressing about this privately, I thought I’d just ask for help.
Maybe some of our viewers can help. We crowdfund all the time for other projects — maybe people won’t mind if I ask for help to crowdfund the repayment of this loan, at HelpRebelNews.com.
Here’s some background:
Three years ago, when Rebel News was in some choppy waters, we borrowed money from a friendly supporter to help tide us over — it was specifically to fund our journalism. Our lender was a great guy, who was also a generous donor and a real friend.
We used that money not just to get through the hard times, but to build up our company — including to hire new talent to do great reporting across the country. In many ways, I think Rebel News has never been better.
Along the way, my friend who loaned us the money ran into a change of circumstances himself. And he had to sell our loan to a banker — who doesn’t know us and who isn’t a supporter.
He’s not a bad guy — he’s just a banker who wants his money back. And under the terms of the contract, he can ask for it back. He doesn’t have to renew our loan. And he has what’s called a General Security Agreement — a mortgage on all of our property, from our cameras to our computers. Everything.
So I need your help. If you are in a position to replace this loan, or part of it, let me know. Send me an email to email@example.com. But I think that’s unrealistic that someone would just lend us that large amount of money on short notice.
If I were like 99% of the media in Canada, I’d just call up Justin Trudeau, and sign up for his media bail-out. He loves collecting little house pets in the media. But I’d rather go out of business than take money from them.
So if it’s unlikely that I can find a miracle lender in the next week, and if I won’t go to Trudeau for a bail-out, maybe you can help me. Not with $380,000. But maybe with $38. Or even $380. Can you please help Rebel News?
If you can, please go to HelpRebelNews.com. I promise that, in return, we’ll stay focused on what’s important, on what we do best — news, commentary and activism.
And if you give us a generous gift, we’ll give you some perks that you can be proud of:
- If you donate $100 we’ll put your name and a short message from you on a brick on our wall in our office hallway. So we’ll see your name and message every day as we pass by.
- If you donate $380, we’ll give you that, plus engrave your name on a brass plaque that we will hang on our boardroom wall.
- And if you can afford to chip in $3,800 — we’ll put your name on a cornerstone of our office, plus send you signed copies of all of our books!
- And if you are a guardian angel who has the ability to help us beyond our wildest expectations, if you are in a position to donate $38,000, we will officially name an entire room of our office for you. Our boardroom; our video editing room, or even my favourite room — the kitchen!
We never thought we’d have to repay this loan in an emergency. We’ve been so focused on doing our journalism. I don’t want this to knock us off course.
If you can help us this Christmas season, please do, by clicking here or visiting HelpRebelNews.com.
Thank you very much.
P.S. 2020 was a terrible year for the world, but it was the year that Rebel News proved our importance, by telling the other side of the story. Please help us pay down this surprise loan recall so we can do even more important work in the year ahead. Visit HelpRebelNews.com — thank you, and Merry Christmas!