Business Resources in the Ely area
Looking for support for your business, or wondering what resources exist to start a business? This is a non-exhaustive list of resources available in the Arrowhead Region for anyone on the path of business ownership.
1
Commercial Development Corridor Grant
This program is to match 1/3, 1/3 is a Grant, 1/3 is a 2% interest loan with a 6 year term. Each 1/3 has a max of $25,000. There is a requirement to increase 1 FTE and it is used for physical improvements
Commercial Renovation Loan Fund
This program is Up to $17,500 with 2% interest and a 6 year term and is designed to improve the business, improve the energy efficiency, access to the building, value of the business or ability to attract customers.
2
Offers loans and business advising to for-profit- businesses
Efund can be the lead lender, partner with banks, and serve as a gap lender. A variety of sources are available including SBA and DEED funding and programs tailored to fit the business specific needs.
Examples include:
Micro loans
Working Capital Loans
Healthy Food Fund
Gap Financing
Strategic help on business fundamentals
Profit Mastery for financial support
Business Masterminds -- a business cohort to discuss centralized problems.
3
Northland Foundation
Northland SBDC – offers advising to clients for start-up assistance, marketing, HR, bookkeeping.
Northland Foundation offers include:
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Direct & Participation Loans ($50,000-$500,000)
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Commercial Construction & Rehab loans (up to $500,000) with a 3%-6% interest rate
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Quick Turn loans- up to $150,000 for equipment and real estate purchase if have been in business more than 2 years.
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Emerging Entrepreneur Loan (In partnership with Minnesota Department of Employment and Economic Development (DEED)). Requires a funds to be matched by a lender.
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Loan Guarantees – up to 80% of principal up to $500k
4
Revolving loan funds:
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Up to $250,000 for Gap financing
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ARDC Child Car loan for Start-ups – up to $75,000 10-year loan at 75% of market rate
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Disaster Relief loan up to $75,000 for 10 years at 75% of market rate
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CARES Loan – Working capital to help entities negatively affected by the pandemic up to $75,000 10-year term
5
Arrowhead Economic Opportunity Agency
Business Energy Retrofit Grant – Grant of $25,000 with 2/3 matching (must come in with $50,000) for items that will increase the energy efficiency of a building.
Downtown Building Rehabilitation Grant of $50,000 with 2/3 matching (must come in with $100,000) for items related to code compliance of a building in a downtown district.
6
Business Grant – Commercial Redevelopment (must apply with a city, township, county, or tribal government.) Used to cover the demolition portion of a project.
Business Loans- For property acquisition, building renovation, construction, improvements, equipment, inventory.
Loan Guarantee - Guarantee up to 75% of total loan up to $150,000.
Business Grant – Downtown Redevelopment – new construction on vacant downtown property.
Public Works Grant – Provide funding to support local and tribal governments with infrastructure. (Must apply with a city, township, county, or tribal government.
7
Hosts a variety of economic development groups to introduce business owners to the resources.
Dawn program – creates access to wealth programs
9
Banks in the Ely Area Offering Financing
Frandsen
North Ridge Federal Credit Union
Ely Area Credit Union
Highland Bank
Wells Fargo
Get in Touch
While we aren not administrators for any of the above programs, we would be happy to meet with you one on one to learn about your entrepreneurial ideas and offer insight as to where you might go next for support.