HUBZone
From Wikipedia, the free encyclopedia
HUBZone is a United States Small Business Administration (SBA) program for small companies that operate and employ people in Historically Under-utilized Business Zones (HUBZones). The HUBZone program was created in response to the HUBZone Empowerment Act created by the US Congress in 1998.[1] Based on the Act, small businesses will be designated as HUBZone certified if they have the following criteria:
- The firm must be a small business based on the North American Industry Classification System (NAICS)[2] for size standards.
- The business must be at least 51% owned and controlled by U.S. citizens, or a Community Development Corporation, an agricultural cooperative, or an Indian tribe (including Alaska Native Corporations).[3]
- The firm's principal office (the location where the greatest number of employees perform their work, excluding contract sites) must be in a HUBZone.
- 35% of the firm's total workforce must reside in a HUBZone.
This article needs additional citations for verification. (September 2014) |
On average, about 3,000 entities register for HUBZone certification each year.