ELY- Ely was a giant of business development in 2023 according to data recently provided by the Northland Small Business Development Center (SBDC). After the Ely Economic Development Authority heard a presentation by the Northland SBDC on Jan. 30, Ely City Council member Adam Bisbee requested a report on the impact that Northland’s services have had on Iron Range communities.
The SBDC delivered on that request recently, and the data it provided reflected the relative vibrance of the Ely economy— showing that Ely businesses raised more capital ($1.853 million), had more business start-ups (three), and created and retained more jobs (61) than ten other communities on the Iron Range. Ely also had the highest number of clients receiving Northland services and clocked the highest number of consulting hours provided by Northland (see accompanying chart page 10).
The Timberjay noted a loose correlation between the number of jobs created or retained and the number of Northland consulting hours and clients served, suggesting that pursuing Northland’s business services does lead to local small business growth.
Northland SBDC is part of the U.S. Small Business Administration. It provides free consulting and business training to small businesses, start-ups, and those thinking about starting their own business. The SBDC program is funded through federal, state, and local governments. The EEDA contributed $4,000 annually to the Northland SBDC, which serves communities on the Range.
“I think we’re getting our money’s worth,” noted EEDA President Paul Kess, during the brief discussion of the Northland data.