Legislation that paves the way for youth entrepreneurs to start and operate businesses in Illinois was signed into law on May 13. The provisions will help young adults make meaningful economic impacts in their communities by generating jobs and growing local revenues. State Sen. Steve McClure sponsored the legislation and says Illinois needs to support innovation and entrepreneurship throughout the state.
Senate Bill 2984 adds “youth entrepreneurs” to the groups that can be assisted at Entrepreneurship Assistance Centers as part of a program that was established in 2021 through the Illinois Department of Commerce and Economic Opportunity (DCEO).
Entrepreneurship Assistance Centers offer guidance to young business owners, providing them with knowledge and mentorship, as well as access to capital and resources.
The new law defines “youth entrepreneurs” as persons between the ages of 16 and 29 who want to start a business in Illinois. The bill received unanimous support in the Senate and House of Representatives and takes effect on Jan. 1, 2023.