Arthur Blake Insurance Blog

Owning your own business can be expensive. Office space, utilities, Texas business insurance - it can be hard to earn enough money pay all these bills and still have something left over to take home. This is especially true in low-income areas. Now the federal government has created a program for assist the small businesses struggling in to stay afloat in this economy. Introducing the HUBZone Program – Could being a part of it help your business?

To be eligible for the benefits of the HUBZone program, such as competitively priced sole source contracts, small businesses must meet certain requirements, including the ones below.

• First, your business must be defined as a “small business” according to SBA regulations. In many industries this simply means having less than 500 employees, but you should double check to be sure what the requirements are for your type of business.
• 51 percent of the business must be owned and directed by one of the following: United States citizen, an Indian tribe, an agricultural cooperative, or a community development corporation.
• Your main office must be located in a HUBZone, which stands for “Historically Underutilized Business Zone.” This may included military establishments shut down by the Base Realignment and Closure Act as well as “Indian Country.”
• A minimum of 35 percent of all workers must live in a HUBZone themselves.

You can find more information about this program on the Small Business Administration website. With this aid from the government, you may be able to generate more income for your business and have a bit more left over after paying your Texas business insurance, electricity, and rent.

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