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