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Business North - The Daily Briefing - Business Newspaper Online
Iron Range Resources Board awards small business development loans, grant
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8/21/2009 by Beth Bily |
The Iron Range Resources Board approved two loans and one grant to support small business at its meeting on Thursday, Aug. 20.
Haley Logging Company in Bigfork, Minn. received a $150,000 loan to purchase equipment for entry into the biomass market. Two Harbors Pet Products, which develops GPS-based location products, received a $50,000 loan for expansion. Finally, the Arrowhead Regional Development Commission was awarded a $300,000 grant to recapitalize its small business Revolving Loan Fund. ARDC is using the funds from IRR and other sources in an attempt to leverage $3 million in federal stimulus funds.
The board also approved fiscal year 2010 public works projects grants, which provide funding for cities, townships and nonprofits for infrastructure needs or healthcare capital improvements, in the amount of $2.7 million.
Public infrastructure grants approved include:
• $100,000 to the city of Aitkin – The project includes a rail spur extension to Lakes States Lumber Company’s storage yard to increase spur capacity from six to 27 cars per week. Total project cost is $281,600.
• $350,000 to the city of Biwabik for water, sewer, roads and site work for a 27-unit fractional ownership housing project. Total project cost is $2.9 million.
• $350,000 to the city of Eveleth for renovation of the old dialysis area in the Eveleth Health Service facility for five assisted living units. Total project cost is $762,075.
• $500,000 to the city of Eveleth for sewer, water, roads and site work for a 110-unit hotel located near Highway 53. Total project cost is $15.5 million.
• $100,000 to the city of Grand Rapids for water, sewer, roads and site work for construction of Deer River Hired Hands training/recycling center. Total project cost is $1.9 million.
• $350,000 to the city of Hibbing for water, sewer, roads and site work for three developments – an hotel, restaurant and dental office on Newburg Road. Total project cost is $6.3 million.
• $350,000 to the city of Hoyt Lakes for water, sewer, roads and site work for 20-unit assisted living facility. Total project cost is $2.3 million.
• $100,000 to the city of Mountain Iron for relocation and upgrades of ball fields to make way for construction of a new clinic on Highway 169. Total project cost is $1.4 million.
• $200,000 to the Virginia Regional Medical Center for remodeling an unfinished space of the clinic and remodeling and reconfiguring the operating room, surgery and lounge area for an outpatient endoscopy room. Total project cost is $462,950.
• $350,000 to White Community Hospital for water, sewer, roads and site improvements for the construction of a new clinic and remodeling of the hospital for the clinic. Total project cost is $8 million.
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