Also from Wright Point Office Park –
Defense contractors looking for office space should consider the many benefits of choosing a building within a HUBZone location.
What is it?
HUBZone stands for "Historically Underutilized Business Zone." The program was designed to stimulate economic development and create jobs in urban and rural communities. Enacted into law as part of the Small Business Reauthorization Act of 1997, it provides federal contracting assistance and opportunities for qualified small businesses that are located in these zones and provide employment to individuals residing in these areas.
What are the advantages?
The benefits of being located in a HUBZone include:
- Competitive and sole-source contracting
- 10% price evaluation preference in full and open contract competitions.
- Subcontracting opportunities
- Opportunity to qualify for higher Small Business Administration (SBA)-guaranteed surety bonds on construction and service contract bids
"The government has a goal of awarding three percent of all dollars for federal prime contracts to HUBZone-certified small business concerns," explained Robert Murray, Director of Economic Development for the City of Riverside. "This means that there is less competition when solicitations are set aside for HUBZone-certified firms which give these contractors an additional source of business."
How does a firm qualify for the HUBZone program?
A business must meet four requirements in order to qualify for the HUBZone program:
- It must be a small business by SBA standards.
- Must be directly and unconditionally owned and controlled only by US citizens.
- Its principal office must be located in a HUBZone, and the majority of its employees must work from there. A business in service or construction can have employees working on job sites and still meet this requirement, but the firm must have employees working from the HUBZone location.
- At least 35% of its employees must live in a HUBZone, but not necessarily the one in which the firm is located
How to apply for HUBZone
For instructions on how to apply for the HUBZone program, as well as the online application form, go to Applying for the HUBZone Program. To look for HUBZone opportunities, visit www.FBO.gov, then select "HUBZone" in the "Set-Aside Code" slot.
Click here to learn more about leasing office space in a HUBZone, or you can contact Robert Murray via email at rmurray@riverside.oh.us or by phone at (937) 684-7891.