State funds $5 million for Pocono projects

HARRISBURG — The Commonwealth Financing Authority on June 25 allocated $5 million in Building PA funds to regional fund manager Pocono Mountains Industries, so it can provide financing to various industrial, commercial and mixed-use real estate projects for the information technology and financial services industries in Monroe, Pike, and Wayne counties over the next two years. Building PA was created to provide the final piece of funding companies often needed to jump-start viable projects and local economic development. Loan recipients must match their financing with private investment or other funding sources. The Commonwealth Financing Authority is a seven-member board created to administer and fund projects from programs created by Governor Ed Rendell’s economic stimulus package. In addition to Building PA and Business in Our Sites, the CFA also oversees PennWorks, the Tax Increment Financing Guarantee, PA Venture Capital Investment, New Pennsylvania Venture Guarantee and the Second Stage Loan programs. An additional $4 million from Building PA to Impact PA Inc. to help fund projects in rural communities with populations of less than 50,000 that have either high unemployment or an average median income below the state average. In a statement, Governor Rendell said the new investment package of some $25 million, will help projects advance in Harrisburg, Pittsburgh, Fayette County, and the Poconos and create the potential for more than 1,100 new jobs. “These investments will move a range of projects forward; projects that offer great potential to our communities and our hardworking women and men.” For more information on Building PA or other economic stimulus programs, visit www.newpa.com or call 866-466-3972.