Unlocking Business Growth: Ely’s Success Story with Northland Small Business Development Center
According to recent data from the Northland Small Business Development Center (SBDC), Ely was a significant player in business development in 2023. The Ely Economic Development Authority 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.
During the discussion of the Northland data, EEDA President Paul Kess commented on how worthwhile it was for Ely to invest in Northland’s services given its positive impact on local businesses. With more than $4 million in revenue generated by local businesses that utilized Northland’s services last year alone, it is clear that investment in this program has yielded significant returns for Ely’s economy
