Data shows the thriving economy of Ely

Ely Thrives: Northland SBDC Reveals Key Role in Small Business Development

In 2023, the Northland Small Business Development Center (SBDC) identified Ely as a key player in business development. This information was revealed during a presentation to the Ely Economic Development Authority on Jan. 30, and was later confirmed by a report delivered by the SBDC on March 15. The report emphasized the vibrancy of the Ely economy, highlighting that Ely businesses had raised $1.853 million in capital, had three new business start-ups, and created and retained 61 jobs, surpassing ten other communities on the Iron Range.

The Timberjay observed a strong connection between the number of jobs created or retained and the amount of Northland consulting hours and clients served. This suggests that utilizing Northland’s business services can lead to growth in local small businesses. The Northland SBDC is a division 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 by federal, state, and local governments, with the Ely Economic Development Authority contributing $4,000 annually to the Northland SBDC.

EEDA President Paul Kess expressed satisfaction with the investment, stating “I think we’re getting our money’s worth.” The Northland SBDC serves communities on the Iron Range and plays a crucial role in promoting economic development and small business growth in the region.

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