From staff reports
State Rep. R. Lee James announced his bill, which would provide for training and certification of certified economic development organizations (CEDOs), unanimously passed the House.
House Bill 2265 now heads to the Senate for consideration.
Under current law, the Pennsylvania Industrial Development Authority (PIDA) has the authority to establish standards for an economic development organization to receive certification, according to a news release from James’ office. 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 James’ 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.
If PIDA determines that a CEDO no longer met its requirements, then the organization would be decertified.
“As we continue to push towards an optimal economy, CEDOs assist employers with loan applications that put them in the best position to succeed,” James said. “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.”
