The Beaver Street Enterprise Center is located in an area designated by the U.S. Small Business Administration as a HUBZone, giving eligible tenant companies an edge in the market.
SBA’s HUBZone program is in line with federal efforts to promote economic development and employment growth in distressed areas by providing access to more federal contracting opportunities. Benefits to qualifying companies include:
- Competitive and sole source contracting
- 10 percent price evaluation preference in full and open contract competitions, as well as subcontracting opportunities.
The federal government has a goal of awarding 3 percent of all dollars for federal prime contracts to HUBZone-certified small business concerns.
To qualify for the program, a business (except tribally-owned concerns) must meet the following criteria:
- It must be a small business by SBA standards
- It must be owned and controlled at least 51% by U.S. citizens, or a Community Development Corporation, an agricultural cooperative, or an Indian tribe
- Its principal office must be located within a “Historically Underutilized Business Zone.”
- At least 35 percent of its employees must reside in the HUBZone.
The SBA regulates and implements the HUBZone program. SBA does the following:
- Determines which businesses are eligible to receive HUBZone contracts
- Maintains a listing of qualified HUBZone small businesses that federal agencies can use to locate vendors
- Adjudicates protests of eligibility to receive HUBZone contracts
- Reports to the Congress on the program’s impact on employment and investment in HUBZone areas.
To qualify for HUBZone certificaiton, a company must submit an online application to the SBA. Complete applications are finalized in about 90 days. Once a company is approved, that status will be listed on the firm’s profile in the Dynamic Small Business Database, searchable for contracting officers. An existing business that chooses to move into the Beaver Street Enterprise Center is eligible for HUBZone certification so long as the company meets SBA’s qualifying criteria.
For more information, go to www.sba.gov.