June 16, 2024

Small Business Boom in Ely: The Impact of Northland SBDC Services on Iron Range Communities

1 min read
Ely economy vibrantly reflected in data

Ely, Minnesota recently experienced significant business growth in 2023, thanks in part to the Northland Small Business Development Center (SBDC). On Jan. 30, this information was presented to the Ely Economic Development Authority by Northland SBDC, prompting Ely City Council member Adam Bisbee to request a report on the impact of Northland’s services on Iron Range communities.

The report revealed that Ely businesses had raised more capital, had more business start-ups, and created and retained more jobs than other communities on the Iron Range. Additionally, Ely had the highest number of clients receiving Northland services and the highest number of consulting hours provided by Northland.

This data highlights the importance of utilizing Northland’s business services in promoting local small business growth. The Timberjay noted a correlation between the number of jobs created or retained and the number of consulting hours and clients served, indicating that Northland’s services are crucial for supporting small businesses in Iron Range communities.

Northland SBDC is a part of the U.S. Small Business Administration and offers free consulting and business training to small businesses, start-ups, and aspiring entrepreneurs. The program is funded through federal, state, and local governments, with the Ely Economic Development Authority contributing $4,000 annually. This investment has proven to be highly beneficial for small businesses in Iron Range communities like Ely.

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