Tax Break for New Hires

"Put Illinois to Work" Program continues through June 30, 2011.

Has your small business (50 or fewer employees) created a new full time job between July 1, 2010 and June 30, 2011? If so, you still have time to receive a $2,500 per person tax credit. Please check out the attachment and link below to learn more about this tax credit, it is easy, fast and saves your business money.

John Whalen john.whalen@illinois.gov -309-663-7528

Tony Rolando anthony.rolando@illinois.gov -309-647-5896

website--http://jobstaxcredit.illinois.gov

Tax Break for Illinois Small Business EXPANDED

Eligible wage now $10/hr; Encourages hire of “Put Illinois to Work”-ers

Businesses Hiring Put Illinois to Work-ers

• Any-size business that hires a participant in 2010 “Put Illinois to Work” program

Eligible Jobs

• Position filled by 2010 “Put Illinois to Work” worker-trainee

• Created between 7/1/10 - 6/30/11

• Position pays no less than $10/hour or equivalent with minimum $18,200 annually.

• Position sustained for at least one year.

• Withholding tax goes to Illinois.

• Hourly or full-time, but not partners or independent contractors.

Tax Credits

• Certificate at six months and one year

Small Businesses

• Eligible if, as of June 30, 2010, you employed 50 or fewer full-time employees (counting all locations)

Eligible Jobs

• Created between 7/1/10 - 6/30/11

• Position pays no less than $10/hour or equivalent with minimum $18,200 annually.

• Position sustained for at least one year (not necessarily held by the same individual for the year).

• Withholding tax goes to Illinois.

• Hourly or full-time, but not partners or independent contractors.

Tax Credits

• Certificate after one year

“Business owners can go online and register for their tax credits, provide

substantiating data, and print out their credit certificates, without ever having to leave their office. This law gives employers a strong incentive to continue providing good jobs for workers who need it most. ”

- Governor Pat Quinn

Visit http://JobsTaxCredit.illinois.gov

Email JobsTaxCreditProgram@illinois.gov

Call (800) 252-2923

Connecting with your Future Workforce

Career Connects:

Connecting with your future workforce

DATE: Friday, April 29, 2011

TIME: 8 - 9:30 a.m.

LOCATION: Joliet Junior College, Building J, Room J-0006,
1215 Houbolt Road, Joliet

A concern for any business is attracting "top talent" for their company. Learn how you and your business can get involved with Career Connects Will & Grundy to impact our future workforce.

Your business will:

• Increase visibility in the community
• Actively build and develop a future workforce
• Highlight Will and Grundy counties as a great place to work
• Establish your company as a leader in Will and Grundy Counties

Attend the launch event for Career Connects Will & Grundy, a new online program which connects students and job seekers with local businesses.

Registration is requested: Please RSVP to (815) 280-1501 or careerconnects@jjc.edu. A continental breakfast will be served.

Free Business Counseling

The GLCEDC has partnered with the Small Business Administration's SCORE program to offer free business planning and counseling to local entrepreneurs. Currently, our area is being served by the McLean County Office. A counselor works out of our office in Pontiac every 3rd Wednesday of the month from 9:00 a.m. to noon. Feel free to stop in or call 815-842-2900 to schedule an appointment. You can find more information about SCORE by visiting their website.

Eventually, we would like to have our own SCORE program for Livingston County. If you have an interest in assisting local entrepreneurs succeed, please consider volunteering with SCORE. SCORE needs individuals to assist in all facets of business including accounting, human resources, planning, sales, and marketing. Please contact us if you would like to discuss this opportunity further.

The 11 Harsh Realities of Being an Entrepreneur

The Entrepreneurship website OnStartups.com recently published an article about some of the harsh realities and misconceptions about starting your own business. Read the list below and follow this link to the article for more insight.

1. Your First Iteration of an Idea Will Be Wrong
2.Your Friends And Family Won't Understand What You Do
3. You Will Make Less Than Normal Wages For A While
4. Everything Takes Twice As Long...If It Even Happens
5. Titles Mean Nothing. You Will Be a Janitor
6. There Is No Silver Bullet
7. Customers Will Frustrate You
8. You Can't Do It All Yourself
9. There Is No Such Thing As An Overnight Success
10. Building A Team Is Hard
11. There Are Forces Outside Your Control

Also, don't forget about the GLCEDC partnership with SCORE to provide business advising to Livingston County small business owners and entrepreneurs. Visit the GLCEDC website for more information and contact our office to set up a business advising appointment.

Now Available - Illinois Small Business Tax Credit

Small Business Tax Credit now available

Small businesses that grow by creating a new position now through June 30, 2011, are likely to be eligible for the Small Business Job Creation Tax Credit. The web site at http://JobsTaxCredit.illinois.gov is an easy-to-use site for small businesses to register and apply for the tax credit without leaving the office - it also contains the statute, an FAQ and has contact information for further questions.

Livingston County and the US Dept of Energy

On September 23, the US Department of Energy published an article about recent economic development in Livingston County. Read an excerpt of the article below:

A car dealership in Dwight, Ill., shut down this year, but recently reopened its doors and 29 people kept their jobs.

Over in Collum, a grocery store that sat silent for three years recently awoke, creating six jobs. And a new coffee shop is now open in downtown Pontiac, bustling with customers sipping lattes and eating muffins.

So what breathed new life into these Livingston County businesses?

Surprisingly, it was the opening of the Streator Cayuga Ridge South Wind Farm, a 300 MW wind farm made possible with the help of $170 million through the U.S. Department of Energy's 1603 grants-in-lieu-of-tax-credits program to the developer.

Read the rest of the article here.

"We believe in economic gardening," says Larry Vaupel, director of the GLCEDC. "We try to grow our economy from within by nurturing businesses and providing financial assistance for start-ups and expansions."

10 Mistakes That Start-Up Entrepreneurs Make

The Wall Street Journal recently published their top 10 mistakes that start-up entrepreneurs make. Here is the list:

1. Going it alone
2. Asking too many people for advice
3. Spending too much money on product development, not enough on sales
4. Targeting too small a market
5. Entering a market with no distribution partner
6. Overpaying for customers
7. Raising too little capital
8. Raising too much capital
9. Not having a business plan
10. Over-thinking your business plan

For a full description of each mistake, please view the article here. If you are a small business owner or entrepreneur, don't forget that the GLCEDC and SCORE provide free business advising every 3rd Wednesday from 9am - noon at the GLCEDC office in Pontiac. To set up an appointment, please contact the GLCEDC office by email: office@glcedc.org or by phone: 815-842-2900.