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MarchExciting Entrepreneurial Trends in the Prairie State On the Rise in 2024
Illinois Business Developments
Illinois is the most populous marketplace in the Midwest and home to more than 2,000 corporate headquarters, an active startup scene and over 1.2 million small businesses, provides all the resources global firms require to flourish in the current business climate. From the world-class infrastructure that connects businesses with their suppliers and customers, to a skilled workforce across various industries as well as a modern manufacturing base - Illinois excels in a variety of areas such as advanced and clean energy, agribusiness, IT life sciences logistics for transportation.
Illinois has seen a huge expansion of foreign investments in recent years. Countries like Britain, Japan, Germany and China were among the top countries investing in Illinois and by 2023, this amount was over USD $13.2 billion across agriculture, manufacturing and other sectors in Illinois alone.
Since 2014, over $1 billion in incentives have been granted under Illinois Reimagining Energy and Vehicles program to businesses that offer electric vehicles and green energy production. This month, DCEO also provided PsiQuantum Manufacturing with an incentive package worth more than $200 million for their new advanced facility in East Alton.
Governor JB Pritzker was joined by representatives from the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to launch CZ Biohub Chicago - a cutting-edge research hub that is at the forefront in scientific research. This project will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the development of human tissues as well and develop revolutionary therapies.
Governor JB Pritzker and Flender Corporation recently announced they are expanding their existing manufacturing facility in Elgin and will create 50 full-time employees while maintaining the 140 full-time positions they currently have.
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 provides local entrepreneurs with assistance for starting or expanding their businesses with services that include free workshops on business planning individual counseling sessions with experienced Business Advisors and access to financing options.
State leaders in Indiana are insisting on employers offering higher pay and benefits as a means of keeping childcare workers working across the nation as they face a shortage of work. The decision comes after the closure of a child care facility located in Bronzeville where it was difficult to retain employees.
Illinois Department of Labor Press Release Vertex - Https://Pressez.Substack.Com/P/The-Importance-Of-Press-Releases - also launched an online tool designed to educate small businesses on the laws governing employment. Employers can search using keywords or browse categories on this site; as well as connect to the appropriate state agencies and resources.
Illinois Business Development Authority (IBDA) has taken steps to make people aware of Illinois' tax incentives for business expansion. The IBDA hosted an online webinar on the subject. The webinar was recorded. It will then be available on their website.
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