HARRISBURG – The Commonwealth Financing Authority today approved a $2 million low-interest loan for Pocono Mountains Industries to assist with the construction of East Stroudsburg University Research and Technology Park, which is projected to eventually employ 741 people.

"The state must continue to make smart investments, such as this one, to spur job creation and encourage the development of technology," said State Rep. John Siptroth, D-Monroe/Pike. "I have worked very closely with ESU on this project and I am very pleased that Pocono Mountains Economic Development Corporation has been successful in its funding application, which will help with the financing costs for this facility."

Construction on the three-story research and technology facility within the 4.4 acre East Stroudsburg University Research and Technology Park in Smithfield Township began earlier this year. The park will provide expanded business accelerator space in the Pocono Mountains Keystone Innovation Zone.

CFA approved the loan, which carries a 5.95 percent interest rate, through the state's Building PA program. The CFA is an independent agency that evaluates and administers funding for this and other programs that create jobs and invest in the state's economy.