Good news for those of us who don't own cordless hammer drills but like the idea of having access to one, just in case.

The Toronto Tool Library and Sharing Depot won't be shutting down after all, thanks to the success of a recent crowdfunding campaign by the Institute for a Resource-Based Economy.

More than $37,000 had been donated to the world-famous lending library by 511 different backers at press time.

That's 106 per cent of the campaign's goal, and enough to keep the lights on and doors open at the non-profit organization's three locations across the city. 

THANK YOU TORONTO 🎉🙏💙 today we made our crowdfunding goal - we can’t thank everyone enough for contributing to our Keep the Tool Library Alive campaign. Stay tuned for party details! https://t.co/grbshCQiXi #cityofto #sharingeconomy pic.twitter.com/iX0py3obXt

— Toronto Tool Library (@TOToolLibrary) February 10, 2018

The IRBE, which operates and manages the Toronto Tool Library network, turned to Indiegogo last month after what they described as a "tough year."

Unexpected city permitting issues, a lack of grants and the cost of rent in Toronto had jeopardized the existence of the library and its programs going forward.

"Over the last 5 years, we've shared over 65,000 items with  5,000 members, from power tools to camping stoves," wrote the group on its campaign page. "And if we reach our goal here we can keep sharing for many years to come."

Now that the funds are in place (and then some,) the group plans to launch a series of home improvement workshops, expand its inventory, and continue to help folks get things done in a sustainable fashion as the largest Tool Library network in the world.