Illinois banking jobs, as well as other small business jobs, could be protected by a new proposal to invest money into state banks.

Illinois State Treasurer Alexi Giannoulias recently introduced a plan to invest $1 billion in Illinois state banks, which would provide needed cash for borrowers to help avoid a credit crisis, help level the state during the current financial crisis and make sure jobs stay local.

According to an article by The Associated Press, the money will be made available to interest-bearing bank accounts by shifting it from lower-yielding investments. Making money available to state banks will help keep bank workers employed, as well as help keep those who have taken out loans for their own businesses employed.

(more…)