The LOLA, a women-focused coworking space in Atlanta, is grappling with financial difficulties and is seeking community support to maintain operations. Co-founders Eileen Lee and Martine Resnick aim to raise a significant amount of funds to cover back rent, future rent, and operational expenses, while adjusting their business model to ensure long-term viability. As Lee stated in an interview with The Atlanta Journal-Constitution, “I want us to continue to exist and continue to make … a really great impact in Atlanta.”
The situation recently took a turn for the better as the landlord agreed to extend the deadline for rent repayment until the end of the year, providing a glimmer of hope as the team works relentlessly on their fundraising campaign.
Growth and Challenges of The LOLA
In the mid-2010s, coworking spaces tailored specifically for women gained traction, notably with the establishment of The Wing in 2016, which quickly expanded. Seeing a gap in the Atlanta market when she moved from New York in 2017, Lee, alongside Resnick, founded The LOLA, which opened its doors in July 2019.
Located in the Southern Dairies complex in Midtown, The LOLA is a 5,000-square-foot space designed to be inviting and supportive. It features a blend of communal areas, meeting rooms, and specialized spaces like a beauty and mother’s room, catering to various professional needs. Average membership costs are around $225 per month, fostering a tight-knit community where members often greet one another.
Naeemah Jade, a member since 2021, likened The LOLA to a friendly support system, describing it as “the work version of ‘Cheers.’” Her experience at The LOLA has been pivotal for her business, Aligned AF, which focuses on accountability coaching.
Impact of the Pandemic
Despite being profitable initially, The LOLA’s trajectory changed dramatically with the onset of the pandemic, which heavily impacted the coworking industry. Many similar organizations, including The Wing and The Riveter, could not withstand the turmoil. Lee noted the resilience of their loyal members, stating that the community’s support allowed them to survive, even during periods when they could not utilize the physical space.
Current Financial Situation
As of now, The LOLA is facing significant financial challenges, primarily due to an insufficient membership model and external economic pressures. Both Lee and current CEO Dana Xavier Dojnik acknowledged that several partners have lost grants, reducing programming funding. Additionally, many members are struggling to meet their membership fees due to economic hardships.
Despite these hard times, the community’s efforts have raised approximately $37,000, demonstrating their commitment to preserving The LOLA. Dojnik expressed pride in the support from members, highlighting their dedication to maintaining the space.
Future Plans
Moving forward, The LOLA’s team plans to adapt its business model by offering more private offices for individuals and small companies alongside its individual memberships. This shift aims to revitalize the space and ensure a sustainable future, with plans to convert existing areas, such as meeting rooms and the library, into private workspaces.
Reflecting on the potential closure of The LOLA, member Jade shared her apprehension, stating, “It’s literally a space that has helped me grow so much over these last two and a half years.”
