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The Minnesota Economic Development Fund was awarded $1.4 million from the U.S. Economic Development Administration (EDA). The grant will help create more than 200 jobs and generate upwards of $4.3 million in new private investment in northeast Minnesota. The money will be combined with $772,000 in local matching funds to create a revolving loan fund of nearly $2.2 million.
The Arrowhead Regional Development Commission and the Northspan Group of Duluth asked for Congressman Jim Oberstar’s help with the grant application in spring 2009, when it became apparent that Duluth’s aviation manufacturing industry needed access to operating capital.
“This is a sound investment in our economy; EDA estimates show that every federal dollar invested will return $3 in private sector growth,” said Oberstar.
“Duluth’s aviation industry is a prime example of how new ideas can create jobs and economic growth,” said Oberstar. “This fund will ensure that companies and entrepreneurs have the ability to create jobs.”
The following coalition of Northeast Minnesota counties and economic development agencies committed matching funds to the revolving loan fund: Iron Range Resources and Rehabilitation Board, $300,000; Duluth 1200 Fund Inc., $200,000; St. Louis County, $100,000; Two Harbors Development Commission, $100,000; Carlton County, $50,000; Lake County, $10,000; Aitkin County, $10,000; and Koochiching County, $2,000.