The community is stepping in to save a beloved tool rental company in Yonkers that is in jeopardy of closing - months after a natural disaster caused its building to partially collapse.

Peterson Tool rental has been in business since the 1950's, according to owner Carl Peterson.

"People come in with problems and we help them out," Peterson said.

Although he loves his job, Peterson said the last few months have been some of the hardest he's faced.

"Well, we had a building collapse on April 7 at 1:30 a.m., and it took down a third of the building, and we lost a lot of equipment," Peterson said. "It was just a devasting thing for me."

Officials said a mudslide triggered by heavy rain caused the collapse on Saw Mill River Road.

The damage forced the family to halt sales to focus on cleanup - leading to an estimated loss of $2 to $3 million.

When they went to insurance for help, Peterson's son, Eric, said they ran into a major road block.

"There's an earth movement exclusion in the policy, which apparently is common in a lot of policies, we did not know that. So, everything we're doing right now, the cleanup, the demolition, ensuring the safety, is all out pocket," Eric said.

To keep the family run business from shutting its doors, a family friend started a GoFundMe to help with rebuilding costs.

"You know, we're not the type of people to take charity, but gosh the outpouring of support and love and affection has just been so enormous," Eric said.

Despite the challenge, Peterson is holding on to hope.

He shared what his vision is for the future of his mom and pop shop.

"Oh, I don't know, make everybody happy, do the right thing, and that's all," Peterson said.