Illinois SB3203 allocates $700,000 for grants to support employee ownership transitions and small business succession.
Illinois SB3203 provides $700,000 from the General Revenue Fund to the Department of Commerce and Economic Opportunity. This funding is designated for a grant to the Illinois Center for Employee Ownership. The grant aims to expand education, outreach, and technical assistance related to employee ownership transitions. Additionally, it supports small businesses in evaluating and pursuing succession through employee ownership. This Act takes effect on July 1, 2026.
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