Emerging Entrepreneurial Trends in the Prairie State On the Rise Right…
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Illinois Business Developments
Illinois as the biggest marketplace in the Midwest and home to more than 22,000 corporate headquarters, a thriving entrepreneurial scene, and more than 1.2 million small businesses, provides all the resources global firms require to flourish in the modern business. The world's best infrastructure connects businesses with their customers and suppliers to highly talented workforce in various industries and a thriving manufacturing base, Illinois excels in a variety of areas like advanced and clean agricultural technology, energy, and life sciences, transportation logistics.
Illinois has experienced a tremendous increase in foreign investment growth over recent years. Countries like Britain, Japan, Germany and China were among the countries that most invested in Illinois in 2023. By that time, the amount reached over USD $13.2 billion in agriculture, manufacturing and other sectors in Illinois alone.
Since 2014, more than $1 billion worth of incentives have been given out under Illinois' Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as renewable energy production. This month, DCEO also provided PsiQuantum Manufacturing with an incentive package that was worth over 200 million dollars for their new high-tech facility located in East Alton.
Governor JB Pritzker accompanied by representatives of his organization, Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to officially launch CZ Biohub Chicago - a revolutionary research hub located in the forefront of scientific research. The project will unite University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as well to develop innovative therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they have expanded their plant for manufacturing in Elgin that will result in 50 full-time employees while maintaining 140 existing full-time positions intact.
The Illinois Small Business Development Center at Southern Illinois University is funded in part through a cooperative agreement among U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center assists entrepreneurs from the local area with help in beginning or expanding their business through programs such as free workshops on business planning One-on-one counseling sessions with expert Business Advisors, and access to financing options.
State leaders in Indiana are insisting on employers offering higher salaries and benefits as a means of keeping childcare workers working across the nation which is a problem due to a shortage of work. This follows the closing of a children's care facility in Bronzeville which was struggling to retain employees.
Illinois Department of Labor also launched an online tool designed to provide small-sized businesses with information on labor laws. Employers can search for 3I Press release (form.jotform.com) keywords or browse categories on the site; as well as connect to the appropriate state agencies and information sources.
Illinois Business Development Authority (IBDA) has taken steps to promote awareness of Illinois tax incentives that can be used for business expansion by hosting an interactive webinar about this topic. The event was recorded and will later become archived and posted on their site.