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Understanding the Historically Underutilized Business Zone (HUBZone)
Definition & Meaning
A historically underutilized business zone (HUBZone) refers to specific geographic areas in the United States that are designated to promote economic development and job creation. These zones include:
Qualified census tracts
Qualified nonmetropolitan counties
Lands within the external boundaries of an Indian reservation
Redesignated areas
Base closure areas
The HUBZone program aims to assist small businesses in these areas by providing them with access to federal contracting opportunities and other forms of aid.
Table of content
Legal Use & context
The term HUBZone is primarily used in federal contracting law. It is relevant for small businesses seeking to qualify for government contracts that specifically target economically disadvantaged areas. The HUBZone program is part of the Small Business Administration (SBA) initiatives aimed at promoting economic growth in underutilized regions.
Users can benefit from legal templates and forms provided by US Legal Forms to navigate the application process for HUBZone certification and related contracts.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A small construction company based in a qualified census tract applies for HUBZone certification to gain access to federal contracts aimed at revitalizing local infrastructure.
Example 2: A technology startup located in a base closure area seeks HUBZone status to compete for government contracts that prioritize businesses in economically disadvantaged regions. (hypothetical example)
Relevant laws & statutes
The HUBZone program is governed by:
15 U.S.C. § 632 " Definitions and provisions related to small businesses and HUBZones
13 C.F.R. Part 126 " Regulations detailing the HUBZone program
Comparison with related terms
Term
Description
Difference
Enterprise Zone
A designated area offering tax incentives to businesses.
HUBZones focus on federal contracting opportunities, while enterprise zones emphasize tax benefits.
Opportunity Zone
A geographic area designed to spur economic development through tax incentives.
Opportunity zones provide tax breaks for investments rather than direct contracting opportunities.
Common misunderstandings
What to do if this term applies to you
If you believe your business may qualify for HUBZone status, consider the following steps:
Verify your business location against HUBZone maps provided by the SBA.
Ensure your business meets the eligibility criteria.
Complete the HUBZone application process through the SBA.
Explore US Legal Forms for templates and resources to assist in your application.
If you encounter complex issues, consult a legal professional for guidance.
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