With Community Backing Jam Hits Funding Goal, Breaks Escrow
Build-out of community owned café to begin in Parkside
BUFFALO, NY – Today Jam announced that it hit its capital campaign goal for its café in Buffalo’s Parkside neighborhood.
“We’re so excited to be able to share with you that this week we hit our goal and broke escrow on our capital campaign! It has been a lot of work these past months, but the support and enthusiasm from the community has been truly inspiring. Thank you to all of our investors for believing in jam and supporting community ownership,” said Amber Small, President of Parkside Progress, Inc.
Parkside Progress, Inc.’s Treasurer, Monica Cichon, added, “Creating a community owned coffee shop that benefits the neighborhood will be a wonderful addition to Parkside! We looked at public offerings like the Community Store in Saranac Lake where this type of business model has worked well, and built our model based on successful examples like that.”
Jam’s capital campaign relies on an intrastate offering exemption for the sale of securities in New York to bona-fide New York residents only. While community owned stores are rare in Western New York, they are regularly used in Britain and the American West where attracting and keeping businesses can be a challenge. It has proven to be an effective tool in creating sustainable businesses in engaged communities.
In January the capital campaign was extended for another six months. This means that the round will stay open until June 22nd in case additional investors are interested. Prospective investors who are bona-fide New York State residents and are interested in learning more should send requests to email@example.com.
Parkside Progress Inc., is a New York Benefit Corporation. Benefit corporations are for-profit businesses which in addition to profit, include a positive impact on society, workers, the community or environment as a legally defined goal. The specific benefit purpose of jam is to improve the community, economic, and societal considerations in and surrounding the Parkside community in the City of Buffalo. Learn more at www.jamparkside.com.
It is important to note that the Attorney General of the State of New York has not passed on or endorsed the merits of the offering. Any representation to the contrary is unlawful. Offered by prospectus only to residents of New York State. NY I 17- 9969.