Illinois Business Developments

Illinois as the biggest market in the Midwest and home to more than 22,000 corporate headquarters, 7press (pressez.substack.com) 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 to suppliers and customers to a skilled and knowledgeable workforces in various industries and an advanced manufacturing base, Illinois excels in a variety of areas such as advanced and clean technology, agriculture, energy, life sciences, transportation logistics.

Illinois has experienced a tremendous increase in international investment growth in recent years. Countries like Britain, Japan, Germany and China were among the most investing in Illinois in 2023. By that time, the sum was greater than USD $13.2 billion across the agribusiness, manufacturing and manufacturing sectors in Illinois all by itself.

Since 2014, more than $1 billion worth of incentives have been given out under Illinois Reimagining Energy and Vehicles program to companies providing electric vehicles and clean energy production. This month, DCEO also provided 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 the 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 research. This 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 are expanding their current production facility located in Elgin and will create 50 full-time jobs while keeping 140 existing full-time positions intact.

The Illinois Small Business Development Center at Southern Illinois University is funded by a co-operative 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 the creation or expansion of their businesses through programs such as free workshops on business planning individual counseling sessions with expert Business Advisors, and access to financing options.

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 work. The move comes after the closure of a care facility located in Bronzeville which struggled to retain employees.

Illinois Department of Labor also created an online tool to provide small-sized businesses with information on employment laws. Employers can search by keyword or browse categories on the website, as well as connect to the appropriate state agencies and resources.

Illinois Business Development Authority (IBDA) has taken steps to raise awareness of Illinois tax incentives to business expansion. The IBDA hosted an online webinar on the subject. The webinar was recorded and will be available on their website.