Enterprise Minnesota To Help Iron Range Manufacturers Grow Profitably

A new partnership between Enterprise Minnesota and the Iron Range Resources and Rehabilitation Board will provide matching grants to area manufacturers.

Minneapolis (October 21, 2011) – A new partnership aims to help medium-size and smaller manufacturers on the Iron Range grow business. Enterprise Minnesota and the Iron Range Resources and Rehabilitation Board (IRRRB) have announced plans for IRRRB GAP, an investment available to qualifying Taconite Assistance Area manufacturers that provides matching grants for companies to access business improvement services.

“IRRRB GAP is a tremendous resource for the Northern Minnesota communities and employees that depend on the economic security that these manufacturers provide,” says Enterprise Minnesota president & CEO Bob Kill. ”Our partnership with IRRRB will help area companies invest in their future, which ultimately creates and retains job."

Enterprise Minnesota is a consulting organization that works with medium-size and smaller manufacturing companies to help them compete and grow profitably. It is also one of 59 Manufacturing Extension Partnership (NIST/MEP) affiliates associated through the US Department of Commerce to bring world-class services to their clients.

The IRRRB will provide $50,000 to help area manufacturers access Enterprise Minnesota services. The program is structured on a reimbursement basis. Companies receiving Enterprise Minnesota consulting services will be required to match the eligible IRRRB assistance on a dollar for dollar basis and to apply for any other available funding to offset the cost. It is estimated that eight to ten area manufacturers will benefit from the grant.

The partnership is modeled after the highly successful Growth Acceleration Program (GAP) for manufacturers. Four years ago, the Minnesota State Legislature created GAP to encourage job creation in the manufacturing sector. GAP provides small manufacturing and manufacturing-related companies with a matching grant for projects to eliminate waste and boost efficiency. The program has helped more than 130 Minnesota manufacturers realize a $30 return for every $1 spent by GAP, and some companies have realized as much as a 40-to-1 return on investment.

“Manufacturers form the bedrock of many Minnesota communities. They offer high-wage, high-skill jobs that create economic opportunity and stability for the present and future,” Bob Kill said. “Today’s manufacturers compete on a landscape that requires innovation. Enterprise Minnesota helps manufacturers develop and apply strategies to keep competitive – and further position themselves for growth.”

IRRRB is a state economic development agency headquartered in northeastern Minnesota, whose vision is to promote and invest in business, community, and workforce development for the betterment of northeastern Minnesota.