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Emerging Entrepreneurial Opportunities in the Prairie State Making Waves This Year

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Illinois Business Developments

Illinois is the most populous markets in the Midwest and home to over 2000 corporate headquarters, a vibrant business scene, and more than 1.2 million small businesses, provides all of the assets global companies require to thrive in the current business climate. From the world-class infrastructure that connects companies to suppliers and customers to skilled workers in various fields and a thriving manufacturing base - Illinois leads in many areas such as clean and advanced energy, agribusiness, IT life sciences logistics for transportation.

Illinois has seen a huge international investment growth in recent years. Countries such as Britain, Japan, Germany and China were among those most investing in Illinois; by 2023 this total was more than USD $13.2 billion across agricultural, manufacturing, and other sectors in Illinois alone.

In 2014, over $1 billion in incentives were granted under Illinois Reimagining Energy and Vehicles program to businesses that offer electric vehicles and renewable energy production. Last month, DCEO also awarded PsiQuantum Manufacturing with an incentive package of more than $200 million to build a modern facility located in East Alton.

Governor JB Pritzker joined representatives from his organization, Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to inaugurate CZ Biohub Chicago - a revolutionary research hub located in the forefront of scientific 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 have announced they are expanding their current plant for manufacturing in Elgin which will create 50 full-time positions while keeping the 140 full-time jobs they have currently.

The Illinois Small Business Development Center at Southern Illinois University is funded in part through a cooperative arrangement between U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity and Southern Illinois University. The center provides entrepreneurs in the area with support for beginning or expanding their business with services that include free workshops on business planning individual counseling sessions with expert Business Advisors and access financing opportunities.

State officials in Indiana are pushing employers to offer better salaries and benefits as a way to keep child care employees in the United States which is a problem due to a shortage of employment. The decision comes after the closing of a children's care center in Bronzeville which struggled to retain employees.

Illinois Department of Labor also has launched an online tool to inform small-scale businesses about labor laws. Employers are able to search using keywords or browse through categories on this site, and connect to appropriate state agencies and resources.

Illinois Business Development Authority (IBDA) is working to promote awareness of Illinois tax incentives for business expansion. They hosted the IBDA's webinar this week on the subject. It was recorded. It will then be available on their website.

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