Businesses, communities, and outdoor recreation in northeastern Minnesota receive over $15.6 million in economic development funding.
Approximately $12.2 million in loans and over $3.3 million in grants were approved at today’s Iron Range Resources & Rehabilitation Board meeting. Total combined project investment is approximately $57.4 million. The projects are expected to increase the regional tax base, create permanent and construction jobs, provide essential services, and expand outdoor recreation. The loans and grants combined are anticipated to impact 866 jobs. The infrastructure grants are projected to create 202 construction jobs.
Highland Holdings, LLC. dba. MNSTAR Group, Bovey, MN: Approved for a participation loan of $230,592 to purchase three pieces of equipment and allow MNSTAR to offer a full line of automated wire cutting/assembly equipment. The equipment will meet customer needs, improve efficiency, and increase company margins.