IL SB2984

Amends Illinois Department of Commerce and Economic Opportunity Law to add "youth entrepreneurs" (ages 16-29 seeking to start a business in Illinois) as eligible clients for entrepreneurship assistance centers.

Entrepreneurship assistance centers provide training and support to minority group members, women, individuals with disabilities, dislocated workers, veterans, and youth entrepreneurs in business development and small business management.

Centers must establish advisory groups with community business experts, provide counseling and mentoring services, and offer assistance including business planning, financial planning, market analysis, and referrals to financing sources and training programs.

Department must monitor center performance through quarterly reports and conduct annual evaluations beginning January 1, 2023, assessing how centers serve eligible populations and measuring success in helping entrepreneurs start new businesses.

Grants fund program director costs, instructors, faculty, support personnel, and other services related to instruction and counseling in furtherance of the entrepreneurship program.