HARRISBURG – Governor Edward G. Rendell said new investments approved today will help projects advance in the Poconos as well as Harrisburg, Pittsburgh and Fayette County, and create the potential for more than 1,100 new jobs.

Locally, the Commonwealth Financing Authority approved $5 million in Building PA funds to regional fund manager Pocono Mountains Industries.  The money will be used to 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.

“These investments will move a range of projects forward; projects that offer great potential to our communities and our hardworking women and men,” Governor Rendell said following approval of the projects by the Commonwealth Financing Authority. “Rebuilding and revitalizing communities has always been a high priority, and these new investments will go a long way in our efforts to make Pennsylvania a great place to work, live, and play.”

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.