SBA modifies HUBZone

The Small Business Administration is changing its Historically Underutilized Business program to help small businesses create more jobs in economically distressed communities.

Under recent legislation, the level of required ownership by U.S. citizens for a small business applying for HUBZone certification dropped from 100 percent to 51 percent.

Agricultural cooperatives now can participate in the HUBZone program along with community development corporations and Indian tribes.

Tribally owned small businesses can choose to meet the 35 percent residency at the time of application or wait until the firm receives a HUBZone contract.

 

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