Ely Outperforms Iron Range Communities in Business Development Thanks to SBDC Services
Ely was a significant player in business development in 2023, according to recent data from the Northland Small Business Development Center (SBDC). This was revealed during a presentation by the Northland SBDC to the Ely Economic Development Authority on Jan. 30. In response, Ely City Council member Adam Bisbee requested a report on the impact of Northland’s services on Iron Range communities.
The report provided by the SBDC showed that Ely businesses raised $1.853 million in capital, had three new business start-ups, and created and retained 61 jobs, outperforming ten other communities on the Iron Range. The Timberjay observed a connection between the number of jobs created or retained and the number of Northland consulting hours and clients served. This suggests that utilizing Northland’s business services can lead to local small business growth.
The Northland SBDC, a part of the U.S. Small Business Administration, offers free consulting and business training to small businesses, start-ups, and aspiring entrepreneurs. The program is funded by federal, state, and local governments, with the Ely Economic Development Authority contributing $4,000 annually to support Northland SBDC services in Range communities.
EEDA President Paul Kess commented during the discussion of the Northland data, expressing his belief that the investment in Northland’s services was worthwhile for Ely. He highlighted the vibrance of
