In 2023, Eli was identified as a key player in business development, according to a report by the Northland Small Business Development Center (SBDC). The SBDC recently submitted a report highlighting the vitality of the Eli economy, which showed that Ely companies raised $1.853 million in capital, had three new businesses and created and retained 61 jobs, outpacing ten other communities on the Iron Range.
The Northland SBDC is a division of the US Small Business Administration that offers free counseling and business training to small businesses, startups and aspiring entrepreneurs. The program is funded by federal, state and local governments, and the Ely Economic Development Authority contributes $4,000 annually to the Northland SBDC. Timberjay saw a correlation between the number of jobs created or retained and the amount of consulting hours and clients in Northland, suggesting that using Northland’s business services can lead to the growth of local small businesses.
EEDA President Paul Kess expressed his satisfaction with the investment, saying: “I think we are getting our money’s worth. The Northland SBDC serves communities on the Iron Range and plays a key role in promoting economic development and small business growth in the region.”