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Understanding the HUBZone Small Business Concern: A Comprehensive Guide
Definition & Meaning
A HUBZone small business concern is a type of small business that meets specific ownership and operational criteria established by the U.S. government. To qualify as a HUBZone small business, the business must be at least 51 percent owned and controlled by U.S. citizens or meet other specific ownership criteria involving Alaska Native Corporations, Indian tribal governments, or community development corporations. These businesses are designed to promote economic development in historically underutilized business zones (HUBZones).
Table of content
Legal Use & context
The term "HUBZone small business concern" is primarily used in federal contracting and procurement contexts. It is relevant to businesses seeking to participate in government contracts that have set-aside opportunities for HUBZone firms. This designation helps ensure that federal funds are directed to support economic growth in underserved areas. Users can find legal templates and forms related to HUBZone certifications through services like US Legal Forms.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A small construction company in a rural area that is 100 percent owned by U.S. citizens and operates in a designated HUBZone qualifies for federal contracts reserved for HUBZone businesses.
Example 2: A technology firm that is a subsidiary of an Alaska Native Corporation and meets the ownership requirements may also qualify as a HUBZone small business concern.
Relevant laws & statutes
HUBZone small business concerns are defined under 15 U.S.C. § 632(p)(3). This statute outlines the ownership requirements and the purpose of HUBZone designations in promoting economic development.
Comparison with related terms
Term
Definition
Key Differences
Small Business Concern
A business that meets the SBA's size standards.
HUBZone small business concerns must meet additional ownership and location criteria.
8(a) Business Development Program
A program for small businesses owned by socially and economically disadvantaged individuals.
8(a) focuses on disadvantaged ownership, while HUBZone focuses on location and ownership by U.S. citizens.
Common misunderstandings
What to do if this term applies to you
If you believe your business qualifies as a HUBZone small business concern, you should:
Review the eligibility criteria established by the SBA.
Gather necessary documentation to prove ownership and location.
Consider using US Legal Forms to access templates for the HUBZone application process.
If needed, consult with a legal professional to ensure compliance with all requirements.
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