The U.S. Small Business Administration is changing its Historically Underutilized Business (HUBZone) program to help small businesses create more jobs in economically distressed communities.
“These pivotal changes to the HUBZone program expand its reach dramatically and will create more jobs and economic growth in economically depressed areas for small businesses, and stimulate growth in the nation’s economy,” said Administrator Hector V. Barreto.
Under recent legislation, a small business applying for HUBZone certification no longer needs to be owned and controlled exclusively by U.S. citizens. Now, the level of required ownership by U.S. citizens is 51percent. Also, agricultural cooperatives have joined community development corporations and Indian tribes as entities that can participate in the HUBZone Program.