Illinois Assistance for Small Businesses
Let’s Create Jobs, Illinois!
[share]The following article was written by Casey Gordon and originally appeared on July 8, 2013, on the Illinois Manufacturing Extension Center’s (IMEC) blog.
Advantage Illinois is the Illinois Department of Commerce and Opportunity’s (DCEO) enhanced portfolio of lending and venture capital programs. These programs are designed to provide Illinois small businesses and entrepreneurs with access to the capital needed to start new companies or expand existing businesses. The $78 million federally-funded program encourages businesses to bring innovative ideas and new products to the market as well as accelerate job creation and economic growth in Illinois. For more information about this program as well as where to apply, please click here.
Illinois Tax Credit for Small Businesses
The Illinois Small Business Jobs Creation Tax Credit program provides small business owners and non-profits with an extra boost to grow their business in our state. After creating one or more new, full-time positions that meet the eligibility requirements, small businesses can register online to receive a $2,500 per job tax credit. Small businesses are defined as companies with 50 or fewer full-time employees. Even new start-ups hiring their first full-time employees in Illinois would be eligible to receive the tax credit.
Eligible jobs would be those new positions that were created between July 1, 2012 to June 30, 2016, the new positions must pay at least $10/hour or $18,200/annually and the position must be sustained for one full year from the hire date. The Illinois Department of Commerce & Economic Opportunity has created a user-friendly website which allows for an applicant to register both their business and their newly created job(s) from the comfort of their home or office. For complete information and to register both your business and your newly created jobs, please click here.