Bulwell Toy Library has been left with problems after city council funding was slashed in May.
The community group has played an important part in the lives of many Bulwell families since it was set up 30 years ago.
As well as loaning toys it provides a number of other services including after-school play sessions, family visits and gives parents a place to meet and discuss problems.
Project manager Steve Parkinson said he was hoping funding could be found.
This month, the library will launch a new service, which it hopes will boost its funds.
Aimed at childcare professionals, the new service will allow people to hire toy packs from the library from as little as £5.
For more information call the library on 0115 975 3898.