New law sponsored by Sen. Fowler paves way for youth entrepreneurs

SPRINGFIELD – A new law sponsored by State Sen. Dale Fowler (R-Harrisburg) is paving the way for youth entrepreneurs to start and operate businesses in Illinois.

“The events of the past two years have left their mark on our state’s economy, which is not very business-friendly right now. It can be especially tough for young people looking to start their own businesses,” Fowler said. “Helping youth entrepreneurs get started and succeed will boost local and state economies, generate jobs and provide revenues for communities.”

Senate Bill 2984 adds “youth entrepreneurs” to the groups that can be assisted at Entrepreneurship Assistance Centers though a program established in 2021 to be supported by the Illinois Department of Commerce and Economic Opportunity.

“This new law defines ‘youth entrepreneurs’ as persons between the ages of 16 to 29 who want to start a business in Illinois. Entrepreneurship Assistance Centers offer guidance to young business owners, providing them with knowledge and mentorship, as well as access to capital and resources,” Fowler said. “This layer of support will help youth entrepreneurs transition into self-employment and increase the sustainability of their businesses.”

Passed by unanimous votes of the Senate on Feb. 16, and the House of Representatives on March 30, Senate Bill 2984 was signed by the Governor on May 13. The new law has an effective date of Jan. 1, 2023.

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