Photo by Clay Schuldt Mystical Dreamz owner Steven Andrews receives a Small Business Incentive Grant from EDA coordinator Heather Bregel.

NEW ULM — Mystical Dreamz received a $10,000 Small Business Incentive Grant on Tuesday from the New Ulm Economic Development Authority.

Located at 206 N. Minnesota St., Mystical Dreamz is a metaphysical store run by Steven Andrews and Kami Catherman.

The store provides items for a variety of spiritual beliefs, including Buddhist, Pagan, Wiccan and New Age. The shop’s promotes spiritual growth and healing but also strives to be a community resource.

The Small Business Incentive grant program started in 2019 is designed to support new small businesses in New Ulm with their startup expenses during 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 its doors in July, making it eligible as of Oct. 1.

Andrews said this grant will be used to cover the overhead on the store’s inventory. The upfront costs of opening the store were about $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 there has been a sharp increase 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 grant program began, 20 businesses have received funds. All 20 businesses are still in operation.

Andrew said business at Mystical Dreamz is going well. The store already has a regular customer base.