Data shows the thriving economy of Ely

The Northland Small Business Development Center (SBDC) was identified as a key player in business development for the city of Ely in 2023, according to a report by the center. This information came to light after a presentation by the SBDC to the Ely Economic Development Authority on Jan. 30. Following this presentation, City Council member Adam Bisbee requested a report detailing the impact of Northland’s services on Iron Range communities, which was recently delivered.

The data showed that Ely businesses raised $1.853 million in capital and had three new business start-ups, creating and retaining 61 jobs – surpassing ten other communities on the Iron Range. According to The Timberjay, there is a connection between the number of jobs created or retained and the amount of Northland consulting hours and clients served. This suggests that utilizing Northland’s business services can lead to growth in local small businesses.

The Northland SBDC offers free consulting and business training to small businesses, start-ups, and aspiring entrepreneurs, funded by federal, state, and local governments. The Ely Economic Development Authority contributed $4,000 annually to the program. SBDC President Paul Kess expressed satisfaction with the investment: “I think we’re getting our money’s worth.” The center plays a crucial role in promoting economic development and small business growth in Iron Range communities.

By Riley Johnson

As a content writer at newsmol.com, I dive into the depths of information to craft compelling stories that captivate and inform readers. With a keen eye for detail and a passion for storytelling, I strive to create engaging content that resonates with our audience. Whether it's breaking news, in-depth features, or thought-provoking opinion pieces, I am dedicated to delivering high-quality, informative content that keeps readers coming back for more. My goal is to bring a fresh perspective to every article I write and to make a meaningful impact through the power of words.

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