Emerging Entrepreneurial Developments In The Prairie State To Watch Right Now
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Illinois Business Developments
Illinois is the most populous marketplace in the Midwest and home to over 22,000 corporate headquarters, a vibrant business scene, and more than 1.2 million small businesses, is home to the infrastructure that businesses need to be successful in today's competitive business. From the world-class infrastructure that connects businesses to suppliers and customers to skilled workers in various fields as well as an advanced manufacturing base, Illinois is a leader in many areas such as advanced and clean technology, agriculture, energy, life sciences and transportation logistics.
Illinois has witnessed a significant expansion of foreign investments in recent years. Countries like Britain, Japan, Germany and China were among the most invested in Illinois; by 2023 this total was more than USD $13.2 billion in the agribusiness, manufacturing and manufacturing sectors in Illinois all by itself.
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Since 2014, nearly $1 billion in incentives have been granted under Illinois Reimagining Energy and Vehicles program to firms that supply electric vehicles and renewable energy production. The program was announced last month. DCEO also rewarded PsiQuantum Manufacturing with an incentive package of more than $200 million for their new high-tech facility in East Alton.
Governor JB Pritzker was present along with representatives from The Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago for the launch of CZ Biohub Chicago - a revolutionary research hub located in the forefront of scientific studies. The initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as well and develop revolutionary therapies.
Governor JB Pritzker and Flender Corporation recently announced they are expanding their existing manufacturing facility in Elgin which will create 50 full-time employees while maintaining 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 agreement among U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The center provides entrepreneurs from the local area with help in creating or expanding their businesses through programs such as free business planning workshops One-on-one counseling sessions with experienced Business Advisors as well as access to financing options.
State leaders in Indiana are pushing employers to offer better compensation and benefits as method of keeping child care employees in the United States and facing a lack of job. The move comes after the closure of a child care facility located in Bronzeville where it was difficult to retain staff.
Illinois Department of Labor also introduced an online tool to provide small-sized businesses with information on employment laws. Employers are able to search using keywords or browse categories on the website, as well as connect with state agencies and information sources.
Illinois Business Development Authority (IBDA) is taking action to increase awareness about Illinois tax incentives that can be used for expanding businesses by hosting an online webinar about this topic. The event was recorded. The webinar will later be available on their website.