Founded in 1941, the board is tasked with using proceeds from taconite mining to spur broader development in the region.
The board was created with the goal to help the Iron Range weather the boom and bust cycle of mining in the region.
[2] The mission of IRRRB is to "invest in resources to foster vibrant growth and economic prosperity in northeastern Minnesota by enhancing livable communities, maximizing collaborations and partnerships and strengthen businesses and worker education.
The agency provides vital funding, including low or no interest loans and grants for businesses relocating or expanding in the region.
Additionally, a variety of grants are available to local units of government, education institutions, and nonprofits that promote workforce development and sustainable communities.