Illinois Business Developments

Illinois as the biggest markets in the Midwest and home to over 2,000 corporate headquarters, a bustling business scene, and more than 1.2 million small enterprises, has the infrastructure that businesses require to succeed in today’s competitive business. From world-class infrastructure which connects companies to suppliers and customers, to a talented workforce in various industries and a thriving manufacturing base, Illinois is a leader in many areas such as clean and advanced agriculture, energy, IT life sciences and transportation logistics.

Illinois has seen tremendous increase in foreign investment over the last few years. Countries such as Britain, Japan, Germany and China were among those most investing in Illinois and press release outline by 2023, this amount was over USD $13.2 billion across the agribusiness, manufacturing and manufacturing areas in Illinois alone.

In 2014, over $1 billion in incentives were distributed under Illinois Reimagining Energy and Vehicles program to companies providing electric vehicles and renewable energy production. In the last month, DCEO also granted PsiQuantum Manufacturing with an incentive package worth more than $200 million to build a modern facility located in East Alton.

Governor JB Pritzker joined representatives from Chan Zuckerberg Initiative, the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to inaugurate CZ Biohub Chicago – a innovative research hub that is in the forefront of 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 announced they are expanding their current production facility located in Elgin that will result in 50 full-time jobs while keeping the 140 full-time jobs they have currently.

The Illinois Small Business Development Center located at Southern Illinois University is funded through a collaborative agreement between 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 through programs such as free business planning workshops individual counseling sessions with expert Business Advisors and access to funding opportunities.

State leaders in Indiana are insisting on employers offering higher pay and benefits as a means of keeping childcare workers in the country as they face a shortage of job. The move comes after the closing of a children’s care center located in Bronzeville which struggled to retain staff.

Illinois Department of Labor also has launched an online tool to educate small businesses on employment laws. Employers can search using keywords or browse categories on the website; and connect to the appropriate state agencies and other resources.

Illinois Business Development Authority (IBDA) is working to increase awareness about Illinois tax incentives that can be used for business expansion. They hosted an online webinar on this subject, which was recorded. The webinar will later become archived and posted on their site.