Your Office Location Could Mean Big Business!
Your business address can be more than a location; it can be an additional valuable certification. If a company is located in a qualified HUBZone census tract it may qualify for the HUBZone program.
The HUBZone Program is regulated by the U.S. Small Business Administration (SBA) and was enacted into law as part of the Small Business Reauthorization Act of 1997. This program is not affiliated and is different from the HUB certification that is administered by the State of Texas. The propose of the HUBZone program is to provide greater federal contracting opportunities for qualified small businesses located in distressed areas to encourage employment growth and economic development.
According to the White House Budget Office, in 2006 the Federal government spent $2.7 trillion which accounts for 20% of the total US gross domestic product (GDP). Since each federal agency has a statutory goal to spend a minimum of three (3) percent of their federal procurement dollars with HUBZone small businesses this could add up to huge business opportunities.
The qualifications are straight forward. To be eligible a company must meet the following criteria to qualify for the HUBZone Program:
- Must be a small business by SBA standards
- Must be located in a “historically underutilized business zone,”
- Must be 51% owned and controlled by one or more U.S. Citizen, and
- At lease 35% of its employees must reside in a HUBZone.
SBA has developed special mapping software to determine if a specific location is in a qualified HUBZone area. Visit www.sba,gov/hubzone and enter the street address, city, state, and zip code of the location being researched. It is important to enter the address exactly as shown on SBA’s census map.
If you are interested in learning more about leasing space in a HUBZone area, call Connie Rankin at 713-686-8581.
Connie Rankin is the President/CEO of Customized Real Estates Services, a full service commercial real estate firm certified as a WBE/HUBZone/HUB/DBE company.