Three Years in the Making, Crystal Entrepreneur Sees Dream Come True
For the past three years Hope Mulinda has been working to open her own business. On Saturday her entrepreneurial dream finally came true.
Mulinda joined Crystal city leaders to cut the ribbon on her new business, Hope Liquor, which fills a 4,700-square-foot space in the Crystal Shopping Center.
“I wanted to do this for a very long time,” said Mulinda. To come to this day, it’s amazing.”
Mulinda’s business received a loan through the Minneapolis-based nonprofit African Development Center and the Small Business Administration’s Community Advantage program. Without it, Mulinda’s dream may not have happened.
“Access to capital is one of the biggest barriers we hear from small businesses who are looking to start, grow or expand their businesses,” said Brian McDonald, district director with SBA Minnesota.
Hope Mulinda speaks about her dream of opening her own business.
McDonald said SBA-backed financing has been increasing since 2020 for minority-owned businesses. He noted a 400 percent increase to Black and African-American-owned small businesses since that time.
With the opening, city leaders say the vacancy rate in the Crystal Shopping Center is less than 1 percent. Crystal’s overall retail vacancy rate is less than 5 percent.
“People think we have more vacancies, but no, we continue to fill up,” said Crystal Mayor Jim Adams. “We’ve got all kinds of diverse businesses that come in. All types of entrepreneurs that come in. The style of these kind of complexes are changing. There’s retail space, there’s doctor’s offices, there’s schools, you name it.”
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