The Saranac Lake Community Store, Inc. (“SLCS”) was incorporated as a NYS C Corporation on February 16, 2007 and six months later launched a Stock Offering for the purpose of raising a minimum of $500,000 in order to establish the Store. That minimum was achieved in March, 2011 and SLCS was able to move forward to renovate a space, hire staff, purchase inventory and open its doors on October 29, 2011. Ultimately $541,700 was raised from 750 investors.
In early May, 2018, SLCS launched a second Offering with a goal of raising $80,000 through the investment crowdfunding site, Wefunder. The purpose of the Offering, which was structured as a debt offering with projected repayment through a share of the Store’s revenues, was primarily to fund a rebranding effort and the development of an e-commerce site focused on the sale of locally produced and inspired products. A portion of the funds were also put aside for additional working capital. As of November 1, 2018 when the campaign concluded, the Offering had successfully raised $82,900 from 148 investors.
One of the recommendations that came out of the rebranding study was to rename SLCS so as of December 15, 2018, SLCS began DBA The Village Mercantile.
The Saranac Lake Community Store, Inc. holds its annual meeting in August of each year and in addition to an invitation, all investors are provided with the Agenda, Annual Financial Statements and other pertinent documents for their review 2-3 weeks in advance of the meeting.