Last Updated on August 23, 2023 by Hannah Stevens
The federal government spends more than $31,485.00 million dollars annually in grants and other funding sources from local governments of $20,941.00 million dollars. This is because small and large businesses are the backbone of Illinois’ economic growth. The state of Illinois has 254,007 business establishments and are broken down into the following:
Illinois Business Sector Breakdown by Size:
- 153,446 businesses in Illinois have between 0 and 4 employees. This breakdown includes those who work from home as sole proprietors.
- 41,222 businesses in Illinois have between 5 and 9 employees.
- 25,905 businesses in Illinois have between 10 and 19 employees.
- 23,233 businesses in Illinois have between 20 and 99 employees.
- 5,832 businesses in Illinois have between 100 and 499 employees.
- Over 4,369 businesses in Illinois have over 500 employees.
Illinois Business Sector Breakdown in Service Industries:
- The Professional, Scientific and Technical Services sector have 38,988 Illinois Businesses under its registry
- The Administrative, Support, Waste Management, and Remediation Services sector have 17,140 Illinois Businesses under its registry
- The Accommodation and Food Services sector have 26,580 Illinois Businesses under its registry
- Illinois has more than 31,972 registered companies. They are service-oriented businesses that are not yet included in the above categories.
You may also be eligible for grants for small businesses if you work in the agriculture industry. Illinois has more than 77,000 farms.
Small Businesses in Illinois
It is difficult to start and manage a small business here in Illinois. In Illinois, more than $233,993,000,000.00 US Dollars are spent on employee salaries/payroll. Every year, more than 80,803 companies declare bankruptcy. The federal government doesn’t provide grants to expand or start businesses, but in Illinois small business grants are available to help business owners grow and start new ventures. Grant recipients don’t have to repay the government funding. It is worth looking into small business grants to help fund your business.
Contact Illinois financial assistance agencies to apply for business grants.
Recent State Funding Opportunities
Below is a list of opportunities recently published in the local state: