New Commercial Opportunities In Illinois To Watch This Year
Illinois Business Developments
Illinois as the biggest market in the Midwest and the home of more than 2,000 corporate headquarters, an active entrepreneurial scene, and more than 1.2 million small-scale businesses, offers all of the assets global businesses need to be successful in today's competitive business. From world-class infrastructure which connects companies with suppliers and customers to talented workforce in various industries and an advanced manufacturing base, Illinois leads in many areas including advanced and sustainable energy, agribusiness, IT life sciences logistics for transportation.
Illinois has seen a huge expansion of foreign investments in recent years. Countries such as Britain, Japan, Germany and China were among the most investing in Illinois and by 2023, qualys press release (pressez.substack.com) this total was more than USD $13.2 billion in agricultural, manufacturing, and other industries in Illinois alone.
In 2014, over $1 billion in incentives have been granted under Illinois Reimagining Energy and Vehicles program to firms that supply electric vehicles and green energy production. This month, DCEO also awarded PsiQuantum Manufacturing with an incentive package of more than 200 million dollars for their new advanced facility in East Alton.
Governor JB Pritzker was present along with representatives from Chan Zuckerberg Initiative, the Chan Zuckerberg Initiative, Chan Zuckerberg Biohub Network and local officials today in Chicago to launch CZ Biohub Chicago - a revolutionary research hub located that is at the forefront in research. This project will bring together University of Chicago, Urbana-Champaign State University (UIUC) and Northwestern University researchers to study the human development of tissues as well in developing revolutionary therapeutics.
Governor JB Pritzker and Flender Corporation recently announced they are expanding their current manufacturing facility in Elgin, creating 50 full-time employment while keeping the existing 140 full-time employees.
The Illinois Small Business Development Center at Southern Illinois University is funded partly through a cooperative arrangement 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 beginning or expanding their business with services that include free workshops on business planning and one-on-one sessions with experienced Business Advisors as well as access to financing options.
State leaders in Indiana are informing employers to provide higher salaries and benefits as a means of keeping childcare employees in the United States which is a problem due to a shortage of employment. This follows the closure of a care center in Bronzeville that struggled to keep its staff.
Illinois Department of Labor also created an online tool to help small businesses understand lawful employment practices. Employers can search by keyword or browse categories on this site; as well as connect to state agencies and other resources.
Illinois Business Development Authority (IBDA) is taking action to promote awareness of Illinois tax incentives that can be used for business expansion. The IBDA hosted an online webinar about this topic. The event was recorded and will later become archived and posted on their site.
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