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Blog entry by Lakeisha Noyes

Exciting Business Opportunities in the Prairie State to Watch in 2024

Exciting Business Opportunities in the Prairie State to Watch in 2024

Illinois Business Developments

Illinois is the most populous market in the Midwest and the home of more than 22,000 corporate headquarters, a bustling startup scene and over 1.2 million small enterprises, has the infrastructure that businesses need to be successful in the modern business. From world-class infrastructure which connects businesses to customers and suppliers to highly talented workforce in various industries and a thriving manufacturing base, Illinois is a leader in many areas including advanced and sustainable energy, agribusiness, IT life sciences logistics for transportation.

Illinois has experienced a tremendous increase in foreign investment growth over recent years. Countries such as Britain, Japan, Germany and China were among the top countries invested in Illinois and by 2023, this amount was over USD $13.2 billion in the agribusiness, manufacturing and manufacturing sectors in Illinois alone.

Since 2014, more than $1 billion in incentives were given out under Illinois Reimagining Energy and Vehicles program to firms that supply electric vehicles and clean energy production. Last month, DCEO also granted PsiQuantum Manufacturing with an incentive package of more than 200 million dollars for their new modern manufacturing facility in East Alton.

Governor JB Pritzker joined representatives from the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to officially launch CZ Biohub Chicago - a revolutionary research hub located at the forefront of leading 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 as develop groundbreaking therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they are expanding their existing plant for manufacturing in Elgin, creating 50 full-time jobs while keeping the existing 140 full-time employees.

The Illinois Small Business Development Center located at Southern Illinois University is funded by a co-operative arrangement between U.S. Small Business Administration, Illinois Department of Commerce and press.uchicago (independent.academia.edu) Economic Opportunity and Southern Illinois University. The center provides local entrepreneurs with assistance for beginning or expanding their business with services that include free workshops on business planning One-on-one counseling sessions with experienced Business Advisors as well as access to financing opportunities.

State officials in Indiana are insisting on employers offering higher wages and benefits as a way of keeping child care employees in the United States which is a problem due to a shortage of jobs. This follows the closure of a child care facility in Bronzeville that struggled to keep its staff.

Illinois Department of Labor also introduced an online tool to inform small-scale businesses about the laws governing employment. Employers can search for keywords or browse through categories on this site; as well as connect to state agencies and resources.

Illinois Business Development Authority (IBDA) has taken steps to promote awareness of Illinois' tax incentives for business expansion. They hosted an interactive webinar on this subject, which was recorded and will later become archived and posted on their site.

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