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Living in a materiaL worLd - Minnesota Precision Manufacturing ...

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Industry Profile<br />

Iron range resources<br />

Your vision. Our back<strong>in</strong>g.<br />

<br />

Bus<strong>in</strong>ess is<br />

GROW<br />

NG<br />

As the only region <strong>in</strong> M<strong>in</strong>nesota with its own state development agency, northeastern M<strong>in</strong>nesota has a<br />

crop of grants, loans and venture capital available for companies that choose to relocate or expand <strong>in</strong><br />

the area. Today, the region is home to many grow<strong>in</strong>g bus<strong>in</strong>esses and $6.4 billion worth of development.<br />

Iron Range Resources, a state agency funded by taconite<br />

production taxes, is focused exclusively on the success of<br />

bus<strong>in</strong>esses <strong>in</strong> northeastern M<strong>in</strong>nesota, provid<strong>in</strong>g them<br />

with vital fund<strong>in</strong>g and support.<br />

GROw<strong>in</strong>g bus<strong>in</strong>esses<br />

Access to capital is critical for new and grow<strong>in</strong>g<br />

companies, especially <strong>in</strong> a tight credit market. The<br />

f<strong>in</strong>anc<strong>in</strong>g programs available through Iron Range<br />

Resources are among the most wide-rang<strong>in</strong>g and creative<br />

<strong>in</strong> the country.<br />

Iron Range Resources can provide low or no <strong>in</strong>terest<br />

loans, revenue bonds, tra<strong>in</strong><strong>in</strong>g assistance and grants <strong>in</strong><br />

some cases. Sometimes it’s possible to structure debt<br />

forgiveness <strong>in</strong>to certa<strong>in</strong> projects if they meet criteria tied<br />

to job creation and retention.<br />

GROw<strong>in</strong>g communities<br />

In addition to assist<strong>in</strong>g bus<strong>in</strong>esses, Iron Range<br />

Resources is strengthen<strong>in</strong>g surround<strong>in</strong>g communities.<br />

By provid<strong>in</strong>g grants to local governments for bus<strong>in</strong>ess<br />

and residential <strong>in</strong>frastructure development, the agency is<br />

pav<strong>in</strong>g the way for community growth.<br />

GROw<strong>in</strong>g workforce<br />

Iron Range Resources is help<strong>in</strong>g to grow the region’s<br />

workforce through an educational model called The<br />

Applied Learn<strong>in</strong>g Institute. This is a partnership of<br />

school districts and colleges ensur<strong>in</strong>g high school<br />

students are able to earn college credit for technical<br />

education classes, not just liberal arts classes.<br />

Iron Range Resources is advanc<strong>in</strong>g the region’s<br />

workforce through the Arrowhead Institute of<br />

Technology, which allows students to earn bachelor’s<br />

and master’s degrees without leav<strong>in</strong>g the region. S<strong>in</strong>ce<br />

the program is completely project-based, students<br />

spend the majority of their time learn<strong>in</strong>g <strong>in</strong> <strong>in</strong>dustry,<br />

not the classroom.<br />

>>><br />

Over the last 3 years,<br />

enrollment <strong>in</strong> the<br />

Applied Learn<strong>in</strong>g<br />

Institute has grown by<br />

271 percent. In addition,<br />

enrollment <strong>in</strong> postsecondary<br />

technical<br />

programs <strong>in</strong>creased by<br />

73.2 percent.<br />

Over the last 6 years,<br />

Iron Range Resources<br />

has <strong>in</strong>vested $65.6<br />

million <strong>in</strong> loans to new<br />

and exist<strong>in</strong>g bus<strong>in</strong>esses<br />

<strong>in</strong> the region. Those<br />

loans were leveraged an<br />

average of nearly 4.5<br />

times, creat<strong>in</strong>g a total<br />

bus<strong>in</strong>ess <strong>in</strong>vestment<br />

impact of $294.2<br />

million and creat<strong>in</strong>g and<br />

reta<strong>in</strong><strong>in</strong>g 4,193 jobs.<br />

Over the last 6 years,<br />

Iron Range Resources<br />

has provided more than<br />

$90 million <strong>in</strong> grants<br />

to fund community and<br />

economic development,<br />

<strong>in</strong>clud<strong>in</strong>g over $5<br />

million for renewable<br />

energy <strong>in</strong>itiatives.<br />

S<strong>in</strong>ce 1990, the agency<br />

has helped fund the<br />

development of 2,200<br />

hous<strong>in</strong>g units and 25<br />

<strong>in</strong>dustrial parks.<br />

www.ironrangeresources.com

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