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Illinois To Help Fund New Center For Medical Startups

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Illinois Gov. Pat Quinn  (Scott Olson/Getty Images)

Illinois Gov. Pat Quinn (Scott Olson/Getty Images)

CHICAGO (AP) The state of Illinois will provide a $2.5 million grant to help open a center for medical technology startups in downtown Chicago.

Gov. Pat Quinn is expected to announce the project during his State of the State address Wednesday.

Dave Roeder is a spokesman for the Illinois Department of Commerce and Economic Opportunity. He says the center will be a place for entrepreneurs and prospective investors in medical technology to seed new companies. It’s expected to open later this year.

Roeder says the center will be modeled after 1871, a Chicago hub for digital startups that officials say created 800 jobs its first year.

The project also will receive a $1 million loan from either DCEO or the Illinois Finance Authority.

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