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Subjects: STP, SBS

SBA Issues Final Rule to Expand HUBZone Opportunities to Small Businesses and Revitalize Communities


WASHINGTON, Nov. 26, 2019 /PRNewswire/ -- The U.S. Small Business Administration today issued a final rule that will implement changes to the Historically Underutilized Business Zone (HUBZone) program that will make the program more attractive to small businesses and encourage them to invest in HUBZone communities and hire HUBZone residents. The new rule changes will also make it easier for federal contracting officers to identify and work with HUBZone-certified small businesses. The rule is published in the Federal Register and effective December 26, 2019.

SBA LOGO. (PRNewsFoto/U.S. Small Business Administration) (PRNewsFoto/U.S. SMALL BUSINESS ADMINIS...) (PRNewsfoto/U.S. Small Business Administrat)

"The exciting improvements outlined in this rule were designed to address longstanding uncertainty from both small businesses contemplating an investment in a designated HUBZone, as well as government agencies which seek to use HUBZone companies. We anticipate that these impactful changes will lead to the increased use of HUBZone certified small businesses across the country," said  Acting SBA Administrator Chris Pilkerton. "Further, additional program enhancements which will expand the HUBZone footprint and provide greater support to HUBZone eligible small businesses will allow contracting officers to better identify more HUBZone firms and get federal contracts into the hands of those businesses."

Under the rule, the following changes to the HUBZone program will become effective: 

Greater Certainty and Expanded Opportunity Regarding Geographic Eligibility and Residency Requirements

Improved Contracting Provisions

Beginning January 2020, the HUBZone Program will usher in additional changes designed to expand the program, including:

For information about the HUBZone program, visit www.sba.gov/hubzone

About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

Contact: Tiffani.Clements@sba.gov
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Release Number:  19-60       

SOURCE U.S. Small Business Administration



News published on 26 november 2019 at 17:07 and distributed by: