A large number of libraries lend tools for just that reason. Some are public libraries that offer that as one service, others are specific tool libraries.

I'm cheating and linking to the wiki list of tool libraries.

I also know of a public library that lends out cake pans (www.ashton.lib.ia.us) to patrons for specialty birthday cakes. That certainly makes more sense than what my mother did, which is to buy a new cake for each birthday (3 birthdays a year = a cabinet full of specialty cake pans each used once).

These models can work. Often they work under the umbrella of a public library (which is a type of cooperative), but they can work.