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Illinois Business Developments

Illinois, as the largest markets in the Midwest and the home of more than two thousand corporate headquarters, a thriving startup scene, and over 1.2 million small-scale businesses, offers all the resources global firms require to flourish in business today. From the world-class infrastructure that connects businesses to customers and suppliers to highly skilled workers in various fields as well as an advanced manufacturing base – Illinois leads in many areas like advanced and clean agriculture, energy, IT life sciences transportation logistics.

Illinois has seen a huge international investment growth in recent years. Countries like Britain, Japan, Germany and China were among those most investing in Illinois and by 2023, this amount reached over USD $13.2 billion across manufacturing, agribusiness and other sectors in Illinois all by itself.

In 2014, over $1 billion in incentives has been given out under Illinois Reimagining Energy and Vehicles program to companies providing electric vehicles and green energy production. Last month, DCEO also granted PsiQuantum Manufacturing with an incentive package of more than $200 million for their brand new state-of-the-art manufacturing facility in East Alton.

Governor JB Pritzker was present along with representatives from The Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to inaugurate CZ Biohub Chicago – a groundbreaking research hub at the forefront of leading 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 to develop innovative therapeutics.

Governor JB Pritzker and Flender Corporation recently announced they have announced they are expanding their current factory in Elgin that will result in 50 full-time jobs while keeping 140 existing full-time positions intact.

The Illinois Small Business Development Center located at Southern Illinois University is funded partly through a cooperative agreement 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 creating or expanding their businesses through services such as free workshops on business planning and one-on-one sessions with experienced Business Advisors, and access to financing opportunities.

State officials in Indiana are insisting on employers offering higher salaries and benefits as a way to keep child care workers in the country which is a problem due to a shortage of jobs. This follows the closure of a care facility in Bronzeville where it was difficult to retain employees.

Illinois Department of Labor also has launched an online tool to help small businesses understand labor laws. Employers can search using keywords or browse categories on the website, as well as connect to state agencies and sources.

Illinois Business Development Authority (IBDA) has taken steps to raise awareness of Illinois’ tax incentives for expanding businesses by hosting an interactive webinar on the subject. It was recorded and will be available on their website.