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MarchNew Entrepreneurial Trends in the Prairie State to Watch in 2024
Illinois Business Developments
Illinois as the biggest market of the Midwest and home to more than 22,000 corporate headquarters, a thriving startup scene, and over 1.2 million small businesses, provides all the resources that global firms require to flourish in today's competitive business. From the world-class infrastructure that connects companies to suppliers and customers, to a skilled and knowledgeable workforces in various industries and an advanced manufacturing base - Illinois excels in a variety of areas such as advanced and clean agriculture, energy, IT life sciences logistics for transportation.
Illinois has witnessed a significant increase in foreign investment over the last few years. Countries like Britain, Japan, Germany and China were among those most invested in Illinois and by 2023, this amount reached over USD $13.2 billion across the agribusiness, manufacturing and manufacturing sectors in Illinois all by itself.
Since 2014, over $1 billion in incentives have been given out under Illinois Reimagining Energy and Vehicles program to firms that supply electric vehicles and green energy production. The program was announced last month. DCEO also awarded PsiQuantum Manufacturing with an incentive package totaling over $200 million for their brand new high-tech manufacturing 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 for the launch of CZ Biohub dea chicago press release (mirror.xyz) - a innovative research hub that is that is at the forefront of cutting-edge scientific studies. The initiative will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the development of human tissues as well in developing revolutionary therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they have expanded their plant for manufacturing in Elgin which will create 50 full-time employees while maintaining 140 existing full-time positions intact.
The Illinois Small Business Development Center located at Southern Illinois University is funded by a co-operative agreement among U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The Center assists entrepreneurs in the area with support for creating or expanding their businesses with services that include free business planning workshops and one-on-one sessions with experienced Business Advisors as well as access to funding opportunities.
State leaders in Indiana are insisting on employers offering higher salaries and benefits as a way of keeping child care workers working across the nation which is a problem due to a shortage of employment. The move comes after the closure of a child care facility located in Bronzeville which struggled to retain staff.
Illinois Department of Labor also launched an online tool designed to help small businesses understand employment laws. Employers can search using keywords or browse categories on this website; and connect with state agencies and information sources.
Illinois Business Development Authority (IBDA) is taking action to promote awareness of Illinois tax incentives that can be used for expanding businesses by hosting an online webinar on the subject. The webinar was recorded. It will then become archived and posted on their site.
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