Understanding Qualified Non-metropolitan County for Business Credit and Assistance
Definition & Meaning
A qualified non-metropolitan county is defined as any county that was not part of a metropolitan statistical area during the most recent census. To qualify, the county must meet one of the following criteria:
- The median household income is less than 80% of the non-metropolitan state median household income, based on the latest data from the U.S. Census Bureau.
- The unemployment rate is at least 140% of the average unemployment rate for the United States or the state in which the county is located, whichever is lower, according to the most recent data from the U.S. Department of Labor.
Legal Use & context
This term is primarily used in the context of federal programs aimed at supporting economic development in rural areas. It is significant in areas such as business credit, assistance programs, and the HUBZone program, which provides federal contracting opportunities for small businesses located in economically distressed areas. Users may find relevant forms and templates through US Legal Forms to navigate these programs effectively.
Real-world examples
Here are a couple of examples of abatement:
Example 1: A county in rural Kentucky has a median household income of $30,000, while the state median is $40,000. This county qualifies as a qualified non-metropolitan county.
Example 2: A county in Texas has an unemployment rate of 8%, while the national average is 5%. Since 8% is 160% of the national average, this county qualifies under the unemployment criterion. (hypothetical example)