May 21, 2024 2:18 pm
Data illustrates the dynamic economy of Ely

In 2023, Ely emerged as a key player in business development, according to recent data from the Northland Small Business Development Center (SBDC). This information was shared during a presentation by the Northland SBDC on Jan. 30 to the Ely Economic Development Authority (EEDA). In response, Ely City Council member Adam Bisbee requested a report on the impact of Northland’s services on Iron Range communities. The SBDC delivered the requested report, revealing 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 is a program offered by the U.S. Small Business Administration that provides 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. The data presented by Northland highlighted the vibrancy of the Ely economy and the positive impact of the SBDC’s support on local businesses.

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