Duluth, MN (NNCNOW.com)-- Several Iron Range development projects were approved for funding from the IRRRB at a meeting this morning,
The total funding is $1.4 million, leveraging over $9.3 million in investments and creating a potential 41 new jobs.
The board approved a $125,938 bank participation loan to The Range Tool Company for the purchase of new equipment for their expanding Gilbert facility.
Two new jobs will be created through that project.
A $500,000 loan was approved for Northshore Manufacturing, Inc. of Two Harbors.
That money will be used to purchase capital equipment that will increase efficiencies and performance abilities at the facility.
60 existing, and 6 new jobs are supported by the investment.
A bank participation loan to Lutsen Mountains Corporation for $450,000 was also approved to help the ski hill upgrade snowmaking capabilities and add three new runs.
The project is expected to create 8 new jobs.
The city of Grand Rapids also got the approval for a $350,000 public works grant to help finance the needed infrastructure to support the expansion and re-location of Hammerlund Construction.
10 new jobs and 15 construction jobs will result.
The IRRRB also approved their budget for the 2014 fiscal year, which totals $37.7 million.