HARRISBURG – Rep. Lee James (R-Venango/Butler) announced today his bill, which would provide for training and certification of certified economic development organizations (CEDOs), unanimously passed the House.
“As we continue to push towards an optimal economy, CEDOs assist employers with loan applications that put them in the best position to succeed,” said James. “I am pleased to see my colleagues join me in supporting this legislation, and I look forward to continuing my work on getting this bill to the governor’s desk.”
Under current law, the Pennsylvania Industrial Development Authority (PIDA) has the authority to establish standards for an economic development organization to receive a certification. Doing so enables the organizations to evaluate and administer loan programs overseen by PIDA as most of the requirements are established by guidelines adopted by the authority.
Under this legislation, CEDOs would need to provide at least six hours of annual training in financing for its professional staff. PIDA would be required to conduct an annual performance review for each certified economic development organization, including an examination of the quality of applications to the authority and the performance of the organization’s loan portfolio. If funds are available, they could be used as incentives based on performance.
PIDA would also need to publish an annual report, which would highlight the performance review for each certified economic development organization during the prior fiscal year, by no later than Oct. 1 of each year. Once published, the report must be shared with the General Assembly.
If PIDA determines that a CEDO no longer met their requirements, then the organization would be decertified.
House Bill 2265
now heads to the Senate for consideration.
Representative R. Lee James
64th Legislative District
Pennsylvania House of Representatives
Media Contact: Nate Temple