State Works on Developing Jobs and Technology

We are preparing the final touches for the Illinois Growth and Innovation Fund.

We will be making investments in technology funds that invest in businesses based in Illinois or with a significant Illinois workforce. The goal is two-fold: support emerging technology to create jobs in our state and earn investment returns for our state citizens.

We plan to invest more than $220 million during the next three years creating an estimated 3,600 new jobs and thousands of indirect jobs. We plan to spread the investments across 15-20 funds. No more than 15 percent of the money will be placed within the same fund. An advisory board and an investment consultant will provide guidance and ensure transparency.

This path started in 2002 when lawmakers authorized investments in Technology Development Accounts (TDA). You might recognize some of the successful companies that have received funding and grown in our state: Spot Hero, Trunk Club, Sittercity and Diagnostic Photonics.

Because of the success of TDA, lawmakers authorized a second round set to begin soon called the Illinois Growth and Innovation Fund.

There are good things happening in our state. The Growth and Innovation Fund is among them. I’m looking forward to launching this new investment tool that will create well-paying jobs and grow the tech industry in Illinois.

Sincerely,

Agriculture is a major component of Illinois’ economy. The industry employs one in four people either directly or indirectly.

The state boasts more than 74,600 farms that average 357 acres each. These farms work to produce some of Illinois’ top agricultural products, such as corn, soybeans, wheat, pork, and beef.

The Ag Invest program partners with approved financial institutions to provide below-market rate loans to agricultural professionals. The reduced interest rate lowers the overall cost to farmers to run and modernize their farm operation. The loans provided by the financial institution are used for annual operating expenses or long term construction projects.

Since 2008, Ag Invest has loaned more than $1 billion in annual and long term loans, making Ag Invest one of the most expansive loan programs in the nation. Agricultural professionals across the state have taken advantage of our below-market rates to help enhance their farm operation or alternative farming activities.