Jam progressing on neighborhood capital campaign
Redefining what it means to be a community café in Parkside
Jesse, Amber and Monica are pleased to announce that Jam is launching a capital campaign to raise funds to open a community owned café in Buffalo’s Parkside neighborhood. This capital campaign will rely on an intrastate offering exemption and will be available only to New York State residents. Parkside Progress, Inc., a benefit corporation plans to operate Jam at the 301 Parkside Avenue location.
Creating a community owned coffee shop that benefits the neighborhood is a great way to engage community members in a way to help support local businesses and create vibrant commercial districts. Similar public offerings include a successful Community Store in Saranac Lake.
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. This type of business model can be a very effective tool in creating sustainable businesses in engaged communities.
The capital campaign for Jam relies on an intrastate offering exemption for the sale of securities in New York to bona-fide New York residents only. The community offering required submitting a prospectus to the New York State Attorney General’s office outlining the proposed operations and risks associated with the business. Shares of Series A Preferred shares will be sold at $1 per share according to the terms of the prospectus. The Company aims to raise a minimum of $50,000 and a maximum of $200,000 under the offering.
Prospective investors who are bona-fide New York State residents and are interested in learning more should send a written request to firstname.lastname@example.org.
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