As you may have heard Sabre88 is now a HubZone certified company. In this article, we will delve into the HUBZone certification, its benefits, and how it empowers small businesses like Sabre88 to find growth opportunities. In order to promote economic development and stimulate job creation in historically underutilized business zones (HUBZone’s), the U.S. Small Business Administration (SBA) introduced the HUBZone certification program. This program offers small businesses located in designated HUBZone areas numerous advantages and opportunities to compete for federal government contracts.
The Historically Underutilized Business Zone (HUBZone) certification is a federal program aimed at encouraging economic growth in designated areas with low income, high poverty rates, or high unemployment. Small businesses operating in these areas can apply for HUBZone certification to gain access to specific benefits and opportunities that are not available to others.
Small businesses that achieve HUBZone certification gain a multitude of advantages, positioning them for success and growth. Here are some key benefits of HUBZone certification:
Benefits of HUBZone Certification. The HUBZone program enhances the competitiveness of small businesses by providing them with a unique advantage in securing government contracts. Federal agencies are required to set aside a certain percentage of their contracts for HUBZone-certified businesses, giving these enterprises a preferential position in the procurement process.The HUBZone certification opens the door to a wide range of government contracts at the federal, state, and local levels. These contracts can be significant in scale and provide a reliable revenue stream for small businesses, helping them expand their operations and hire more employees. Additionally, HUBZone-certified businesses can obtain sole-source contracts, assuming their ability to complete the contract. This means that in certain cases, if the contracting officer determines that there is only one HUBZone-certified business capable of fulfilling the contract requirements, the contract can be awarded directly to that business without competition. Large prime contractors who receive government contracts are required to subcontract a portion of the work to HUBZone-certified small businesses. This ensures that HUBZone companies have the chance to participate in larger projects and gain valuable experience and exposure. HUBZone-certified businesses also have access to various financial assistance programs and resources, such as preferential access to SBA loans, bonding assistance, and specialized training and counseling services. These resources help small businesses strengthen their operations, improve their competitiveness, and foster sustainable growth.
To be eligible for HUBZone certification, a business must meet specific criteria established by the SBA. These include being a small business according to SBA standards, maintaining a principal office in a designated HUBZone area, having at least 35% of its employees residing in a HUBZone, and ensuring that the business is owned and controlled by U.S. citizens. The application process involves completing an online application, providing supporting documentation, and undergoing a verification process by the SBA. Once certified, businesses must actively maintain their eligibility status by complying with ongoing requirements, such as annual recertification and reporting changes that may impact their HUBZone status.
The HUBZone certification program plays a vital role in promoting economic growth and revitalization in historically underutilized neighborhoods. By providing small businesses with preferential access to government contracts, subcontracting opportunities, and various resources, the HUBZone program empowers these enterprises to expand, create jobs, and contribute to the overall development of their communities. The HUBZone certification is a significant step toward Sabre88 making a positive impact in our local communities.