Illinois Reforms Improve Business Climate, Employment
Reforms help bolster economy, business and job creation in Illinois.
At the beginning of 2016, over 200 reforms were implemented in Illinois, and many focused on improving small businesses and encouraging a more productive business climate. The reforms included equity crowdfunding, clean air acts, veteran’s preference policies and new business websites.
In This Article
Equity Crowdfunding
Allows startups, to build capital by soliciting small sums of money from investors online for the sale and purchase of securities. The reform allows investors to be accredited or non-accredited, and the Secretary of State is permitted to establish rules regarding securities, fees, and notices.
Clean Air Acts
With this act, Permits of Significant Deterioration. It amends the Environmental Protection Act, and the Pollution Control Board is now required to set up a state program for issuing Permits of Significant Deterioration. This means manufacturers looking to expand are now able to go through state government instead of federal government to acquire the permits, saving a vast amount of waiting time for businesses to start construction.
Veteran’s Preference Policy
Private employers are permitted to preference military veterans when hiring, so long as uniformly applied in all hiring decisions, it’s posted in writing in the place of employment online and that all applicants are informed. This allows employers to provide veterans, who generally experience discrimination, an equal opportunity for employment.
New Business Website
This reform seems like a small addition but is vital to small business that may not be tech-savvy quite yet. For most businesses, being online is not a luxury but a necessity, therefore the Department of Financial and Professional Regulation is required to help any startup or business relocating to Illinois with building and maintaining a website, ensuring business owners are off to a solid start.