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Blog entry by David Busey

New Business Developments in Illinois Making Waves Right Now

New Business Developments in Illinois Making Waves Right Now

Illinois Business Developments

Illinois is the biggest markets in the Midwest and home to over 22,000 corporate headquarters, a bustling business scene, and more than 1.2 million small businesses, is home to all the resources that global companies require to thrive in business today. From world-class infrastructure that connects companies with suppliers and customers to a skilled and knowledgeable workforces in various industries and an advanced manufacturing base - Illinois is a leader in many areas such as advanced and clean technology, agriculture, energy, life sciences transportation logistics.

Illinois has witnessed a significant increase in foreign investment over the last few years. Countries such as Britain, Japan, Germany and China were among the most invested in Illinois and by 2023, this amount was over USD $13.2 billion across agricultural, manufacturing, and other areas in Illinois all by itself.

Since 2014, more than $1 billion in incentives have been awarded under Illinois Reimagining Energy and Vehicles program to companies that provide electric vehicles as well as green energy production. The program was announced last month. DCEO also provided PsiQuantum Manufacturing with an incentive package worth more than 200 million dollars for their new advanced facility in East Alton.

Governor JB Pritzker accompanied by representatives of the 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 in research. This project will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as well in developing revolutionary therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they have expanded their manufacturing facility in Elgin which will create 50 full-time jobs while keeping the 140 full-time positions they currently have.

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The Illinois Small Business Development Center at Southern Illinois University is funded through a collaborative arrangement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center offers entrepreneurs from the local area with help in beginning or expanding their business through programs such as free business planning workshops individual counseling sessions with experienced Business Advisors, and access to funding opportunities.

State officials in Indiana are informing employers to provide higher pay and benefits as a method of keeping child care employees in the United States and facing a lack of work. This comes following the closure of a care facility located in Bronzeville which was struggling to retain employees.

Illinois Department of Labor also created an online tool to educate small businesses on lawful employment practices. Employers are able to search using keywords or browse categories on the site; as well as connect with state agencies and lilly press release - pressez.substack.com - sources.

Illinois Business Development Authority (IBDA) is taking action to promote awareness of Illinois tax incentives that can be used for business expansion. They hosted the IBDA's webinar this week on the subject. It was recorded and will later become archived and posted on their site.

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