Ebony Dickerson left a corporate job five years ago to start a small beauty-supply business. Her mother, Sally Boyd, is the longtime owner of a child-care business.
They have growth plans on the North Side of Minneapolis, where they both grew up.
Dickerson, owner of Hair, Beauty and Wellness, and Boyd, owner of Personality Childcare Learning Center, wanted a building along W. Broadway Avenue to house their expanding businesses.
That likely would be too great a financial stretch, according to Meda, the agency they are using as their business adviser.
So the mother-daughter team joined forces with North Side lawyer-developer Ian Alexander, who is working with Meda, banks and investors on the Resolute, a $19 million commercial-residential project planned for 1300 W. Broadway. It will include a restaurant and 70 housing units. Alexander expects to break ground next spring.
Boyd, who plans a day care for up to 150 kids, and Dickerson will own their spaces in the development. Dickerson's brother, a barber, will join her as owner of the Resolute's barber shop and hair salon.
"I didn't have the capital for a full-line beauty-supply store in 2016," said Dickerson, who started with hair extensions. "But Meda made my first working-capital loan of $50,000. And Meda helped me develop and grow the business."
Meda's management, confident after several years of growth, including financing and advising 400 minority-owned businesses during the coronavirus pandemic in 2020, also is charting a growth plan from its north Minneapolis headquarters.