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New Entrepreneurial Developments in Illinois On the Rise Right Now
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Illinois Business Developments
Illinois, as the largest marketplace in the Midwest and home to over 2000 corporate headquarters, a thriving entrepreneurial scene, and more than 1.2 million small businesses, provides all of the assets global companies require to thrive in the current business climate. From world-class infrastructure that connects companies to suppliers and customers, to a skilled and knowledgeable workforces in various industries and a thriving manufacturing base, Illinois excels in a variety of areas like advanced and clean agriculture, energy, IT life sciences, transportation logistics.
Illinois has seen tremendous expansion of foreign investments in recent years. Countries like Britain, Japan, Germany and China were among the top countries investing in Illinois in 2023. By that time, the sum was greater than USD $13.2 billion across agriculture, manufacturing and other sectors in Illinois all by itself.
In 2014, over $1 billion in incentives has been granted under Illinois Reimagining Energy and Vehicles program to businesses that offer electric vehicles and renewable energy production. The program was announced last month. DCEO also awarded PsiQuantum Manufacturing with an incentive package worth more than 200 million dollars for their new modern manufacturing facility in East Alton.
" (video: //www.youtube.com/embed/SlpTSiNv-m4)
Governor JB Pritzker accompanied by representatives of his organization, Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to inaugurate CZ Biohub Chicago - a groundbreaking research hub in the forefront of scientific studies. The project will unite University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as in developing revolutionary therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they have expanded their production facility located in Elgin and will create 50 full-time employment while keeping the 140 full-time positions they currently have.
The Illinois Small Business Development Center located at Southern Illinois University is funded partly through a cooperative arrangement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center offers local entrepreneurs with assistance in beginning or expanding their business by offering services like free workshops on business planning, one-on-one counseling sessions with experienced Business Advisors and access to financing opportunities.
State leaders in Indiana are pushing employers to offer better wages and benefits as a way to keep child care employees in the United States, who face a shortage of work. This comes following the closing of a children's care center located in Bronzeville where it was difficult to retain employees.
Illinois Department of Labor also has launched an online tool to provide small-sized businesses with information on labor laws. Employers are able to search using keywords or browse categories on the website, as well as connect to state agencies and other resources.
Illinois Business Development Authority (IBDA) is taking action to raise awareness of Illinois' tax incentives for business expansion. The IBDA hosted an online webinar on the subject. It was recorded. It will then be available on their website.
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