Exciting Entrepreneurial Trends In The Prairie State On The Rise In 2024
Illinois Business Developments
Illinois is the biggest market in the Midwest and the home of more than 2,000 corporate headquarters, a vibrant business scene, and more than 1.2 million small businesses, is home to all the resources global businesses need to be successful in the modern business. From world-class infrastructure that connects businesses to suppliers and customers to a skilled workers in various fields as well as a modern manufacturing base - Illinois leads in many areas including advanced and sustainable technology, agriculture, energy, life sciences and transportation logistics.
Illinois has seen tremendous foreign investment growth over recent years. Countries like Britain, Japan, Germany and China were among the countries that most investing in Illinois; by 2023 this total was more than USD $13.2 billion in agriculture, manufacturing and other industries in Illinois alone.
Since 2014, nearly $1 billion in incentives were distributed under Illinois Reimagining Energy and Vehicles program to businesses that offer electric vehicles and renewable energy production. Last month, DCEO also granted PsiQuantum Manufacturing with an incentive package totaling over $200 million to build a high-tech facility in East Alton.
Governor JB Pritzker was joined by representatives from his organization, Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to officially launch CZ Biohub Chicago - a cutting-edge research hub that is at the forefront of cutting-edge scientific studies. This initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as well as develop groundbreaking therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they are expanding their current plant for manufacturing in Elgin, creating 50 full-time positions while keeping the 140 full-time positions they currently have.
The Illinois Small Business Development Center at Southern Illinois University is funded through a collaborative agreement between 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 the creation or expansion of their businesses by offering services like free business planning workshops One-on-one counseling sessions with expert Business Advisors and access financing opportunities.
State officials in Indiana are informing employers to provide higher pay and 10 year anniversary press release (https://pressez.substack.com/) benefits as a way to keep child care workers employed nationwide and facing a lack of job. This comes following the closing of a children's care center in Bronzeville which struggled to retain staff.
Illinois Department of Labor also created an online tool to inform small-scale businesses about employment laws. Employers are able to search using keywords or browse through categories on this website, as well as connect with state agencies and resources.
Illinois Business Development Authority (IBDA) is working to raise awareness of Illinois tax incentives that can be used for business expansion. They hosted a webinar this week on this subject, which was recorded. The webinar will later become archived and posted on their site.