In recent data from the Northland Small Business Development Center (SBDC), Eli was identified as a significant player in business growth in 2023. The Economic Development Authority of Ely was made aware of this during a presentation to the Northland SBDC on January 30th. In response, Ely City Councilman Adam Bisbee requested a report on the impact of Northland services on Iron Range communities. The SBDC provided the requested report, which revealed that Ely companies raised $1.853 million in capital, had three new business ventures and created and retained 61 jobs, outpacing ten other communities on the Iron Range.
The Timberjay saw a correlation between the number of jobs created or retained and the number of consulting hours and clients in Northland. This suggests that using Northland’s business services can lead to local small business growth. The Northland SBDC, part of the US Small Business Administration, 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 support Northland SBDC services in Range communities.
EEDA President Paul Kess commented during the discussion on Northland’s data, expressing his belief that the investment in Northland’s services has been valuable for Eli. Data presented by Northland highlighted the vibrancy of the Ely economy and the positive impact of SBDC support on local businesses.