Governor Pat Quinn today will address the annual meeting of the Small Business Advocacy Council and discuss his strong support for small business in Illinois. Governor Quinn's initiatives have helped small businesses start and expand in Illinois, and proposals he unveiled in his recent State of the State and Budget Addresses will continue to improve the state's small business environment. Today's event is part of Governor Quinn's agenda to create jobs and drive Illinois' economy forward by supporting small business in Illinois.
"Three out of four employers in Illinois are small businesses, and helping these companies start and grow is one of my top priorities," Governor Quinn said. "The number of people employed by Illinois small businesses has grown by more than 92,000 jobs the past three years to more than 4.1 million individuals. That's good news, but we have more work to do. That is why I am proposing a tax cut for businesses that train workers, and to cut the LLC fee by 90 percent to be the lowest in the nation."
Under Governor Quinn, small businesses across Illinois have helped drive our economic recovery. Illinois' tourism industry is breaking records -- more than 100 million visitors for the first time ever and $33.5 billion in spending in local economies across the state. Illinois' film industry has also set new records, generating over $350 million in economic activity. In 2012, a new digital company was launched in Chicago every 24 hours.
Illinois was recently ranked third in the US for new corporate locations and expansions by Site Selection magazine. Since recovery from the recession began in January 2010, Illinois has added 257,000 private sector jobs. Unemployment was at 11.4 percent at the height of the Great Recession and today it is at its lowest point in almost five years.
To support Illinois small businesses, in 2011 Governor Quinn launched Advantage Illinois, which has provided more than $50 million in investment directly to small businesses, leveraging more than $420 million in private investments. The program has helped almost 200 small businesses create or retain more than 3,800 jobs.
As part of his fiscal year 2015 budget proposal, Governor Quinn proposed a Workforce Training Tax Cut that would make it easier for businesses to create new jobs and ensure workers will have the skills to drive a 21st century economy. It includes a tax cut to businesses for job training and would apply to new jobs that are created. This allows individuals to be trained for jobs that the business needs to fill, a situation that benefits employer and employee.
The Governor has also proposed reducing the fee to establish a Limited Liability Corporation (LLC) by more than 90 percent, from $500 to $39 -- the lowest in the nation. Formation as an LLC encourages entrepreneurs to invest their time and money into viable business enterprises. Reducing the filing fee to $39 will make it easier for small business to start and grow in Illinois.
The Small Business Advocacy Council (SBAC) was established in 2010 and represents nearly 900 businesses in the Chicagoland area. The SBAC is a non-partisan, member driven organization that promotes the success of small business.