NEW ULM – Mystical Dreamz received a $10,000 small business incentive grant from the New Ulm Economic Development Authority on Tuesday.
Located at 206 N. Minnesota St., Mystical Dreamz is a metaphysical store run by Steven Andrews and Kami Catherman.
The store offers items for a variety of spiritual beliefs, including Buddhist, Pagan, Wiccan, and New Age. The shop promotes spiritual growth and healing, but also strives to be a community resource.
The Small Business Incentive grant program launched in 2019 is designed to support new small businesses in New Ulm with their start-up expenses in their first year of operation. The grant reimburses owners for eligible expenses up to $10,000 per business. A business must be open for three months to be eligible. Mystical Dreamz opened in July, making it eligible from October 1.
Andrews said this grant will be used to cover the store’s inventory overhead. Initial store opening costs were around $10,000.
Mystical Dreamz is the seventh business to receive the $10,000 Small Business Incentive Grant in 2022. In a typical year, the EDA allocates $50,000 to this program and funds five new small businesses, but it there has been a surge in demand in 2022. There is now a waiting list of new businesses applying for the grant.
In July, the EDA approved additional funds for the Small Business Grant. Currently, there are enough funds for three more grants this year.
Since the start of the grant program, 20 companies have received funds. The 20 companies are still in operation.
Andrew said Mystical Dreamz’s business is doing well. The store already has a regular customer base.