Iron Range Resources and Rehabilitation Commissioner Tony Sertich has announced IRRR board approval of a new local business loan program and agency financial assistance that will lead to the creation of new jobs in northeastern Minnesota.
A $1 million IRRRB Local Business Loan Guaranty program provides an IRRRB-backed financial guarantee to local banks that make loans to existing businesses within the agency’s service area. Approximately 13 businesses are expected to utilize the program. The program provides an IRRRB loan guaranty of up to $75,000 to banks, which provide loans to qualifying businesses.
“The IRRRB is implementing this program to help our local businesses gain access to capital, which will create healthier businesses that can expand and create new jobs within our region,” said Sertich. “We have been asking businesses how we can best help and numerous businesses identified this type of a program as one of their most critical needs. The IRRRB will continue to utilize innovative programs such as this to support our local businesses, which are so important to our economy and communities.”
The IRRR board, meeting at IRRRB headquarters in Eveleth, also approved a $4 million loan to PolyMet Mining, Inc. The loan will assist PolyMet with a land exchange with the U.S. Forest Service. PolyMet, which has acquired tracts of lands near Biwabik and McFarland Lake in Cook County, plans to exchange those tracts for lands at the site of its proposed NorthMet non-ferrous mining project near Hoyt Lakes. The PolyMet project will create 360 permanent jobs, 1.25 million manhours of construction work, more than 500 spin-off jobs, and generate an annual economic impact of $242 million in St. Louis County.
The board also approved four community development projects, at the Range Regional Airport, City of Hibbing, City of Tower, and City of Gilbert.
Iron Range Resources and Rehabilitation Board (IRRRB) is a state of Minnesota economic development agency headquartered in Northeastern Minnesota whose vision is to promote and invest in business, community and workforce development for the betterment of the region.
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