SPRINGFIELD, Ill. – Entrepreneurs will now receive financial assistance in opening their first business under a new law sponsored by state Rep. Larry Walsh, Jr., D-Elwood, which cuts fees for first-time business owners.
“Small businesses are the backbone of our state’s economy and we need to be doing everything we can to help entrepreneurs thrive in Illinois,” Walsh said. “Opening a new business is often stressful and expensive, so the last thing the state should be doing is charging new businesses expensive fees.”
Walsh’s Senate Bill 1462 creates a new Entrepreneur Learner’s Permit program to encourage and assist first-time entrepreneurs by reimbursing them for State fees associated with forming a business. Under his measure, applicants would apply for the permit through the Department of Commerce and Economic Development. Currently, entrepreneurs must pay several fees for licensing and permits. The pilot program would run for one year, then DCEO would evaluate the program’s effectiveness and report to the governor and General Assembly by Feb. 1, 2019.
“My hope is that this pilot program can be eventually expanded so we can help every single entrepreneur in Illinois see their vision become a reality,” Walsh said. “By eliminating fees for first-time business owners, we can make a huge impact on our community by encouraging economic development and creating good-paying jobs.”