Data illustrates the dynamic economy of Ely

Ely has emerged as a significant player in business development in 2023, according to recent data from the Northland Small Business Development Center (SBDC). The Ely Economic Development Authority (EEDA) was informed of this during a presentation by the Northland SBDC 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 SBDC provided 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, 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 investing 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.

In conclusion, it is evident that utilizing Northland’s business services can lead to local small business growth in Iron Range communities such as Ely. The program offers free consulting and training to small businesses and start-ups with funding from federal, state and local governments including $4000 annually from Ely Economic Development Authority (EEDA).

By Samantha Johnson

As a content writer at newsnmio.com, I craft engaging and informative articles that aim to captivate readers and provide them with valuable insights. With a background in journalism and a passion for storytelling, I thoroughly enjoy delving into diverse topics, conducting research, and producing compelling content that resonates with our audience. From breaking news pieces to in-depth features, I strive to deliver content that is both accurate and engaging, constantly seeking to bring fresh perspectives to our readers. Collaborating with a talented team of editors and journalists, I am committed to maintaining the high standards of journalism upheld by our publication.

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