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New Entrepreneurial Trends in Illinois Making Waves in 2024
Illinois Business Developments
Illinois as the biggest marketplace in the Midwest and home to more than two thousand corporate headquarters, a vibrant startup scene and over 1.2 million small enterprises, has all the resources global businesses require to succeed in business today. From world-class infrastructure which connects companies to suppliers and customers to skilled workers in various fields as well as a modern manufacturing base, Illinois leads in many areas including advanced and sustainable agriculture, energy, IT life sciences logistics for transportation.
Illinois has witnessed a significant expansion of foreign investments in recent years. Countries such as Britain, Japan, Germany and China were among those most invested in Illinois; by 2023 this amount reached over USD $13.2 billion across manufacturing, agribusiness and other industries in Illinois all by itself.
Since 2014, over $1 billion in incentives have been given out under Illinois' Reimagining Energy and Vehicles program to companies providing electric vehicles and green energy production. Last month, DCEO also rewarded PsiQuantum Manufacturing with an incentive package that was worth over 200 million dollars for their new high-tech facility located 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 inaugurate CZ Biohub Chicago - a cutting-edge research hub that is at the forefront in scientific research. This initiative will bring together University of Chicago Press (her explanation), Urbana-Champaign State University (UIUC) and Northwestern University researchers to study human tissue development as to develop innovative therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they are expanding their current production facility located in Elgin which will create 50 full-time employment while keeping 140 existing full-time positions intact.
(image: https://static.pexels.com/photos/162529/grinder-hitachi-power-tool-flexible-162529.jpeg)
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 offers entrepreneurs from the local area with help in creating or expanding their businesses by offering services like free business planning workshops One-on-one counseling sessions with expert Business Advisors as well as access to financing options.
State officials in Indiana are encouraging employers to offer higher compensation and benefits as way to keep child care workers working across the nation which is a problem due to a shortage of employment. This follows the closing of a child care facility in Bronzeville where it was difficult to retain employees.
Illinois Department of Labor also created an online tool to educate small businesses on the laws governing employment. Employers are able to search using keywords or browse categories on the site, and connect to the appropriate state agencies and other resources.
Illinois Business Development Authority (IBDA) is taking steps to raise awareness of Illinois tax incentives for business expansion by hosting the IBDA's webinar this week about this topic. The event was recorded and will be available on their website.
Web: https://mirror.xyz/0x012D387Ca842d46f8Dc4670BC6a8c919CE26343C
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