WASHINGTON - The Small Business Administration has announced the launch of Destination: HUB. For over 17 years, the HUBZone program has served as one of SBA's signature initiatives and has helped small businesses in urban and rural communities gain preferential access to federal procurement opportunities.
The program encourages economic development and employment growth in distressed areas by providing opportunities for firms to become active participants in the federal supply chain. Destination: HUB will promote and highlight HUBZones for opportunities in federal procurement.
"More than any other SBA initiative, the HUBZone Program has been a critical resource, creating jobs, alleviating poverty and reducing unemployment in our nation's most vulnerable communities. The program has had a transformational effect on small businesses all across the country. SBA's Destination: HUB will put a spotlight on our underserved small businesses and promote HUBZones as ideal places for government contractors to do business," said Maria Contreras-Sweet, SBA Administrator.
"In our 2013 scorecard, we reported that HUBZone businesses only received 1.7 percent of federal contracts - well short of our 3 percent goal. This new initiative is an example of how the SBA actively working to achieve that goal." said Contreras-Sweet.
Destination: HUB will promote and support HUBZone firms in federal contract opportunities, while ensuring local economic development boards, government officials, federal buyers, and prime contractors work hand in hand to bring more sole-source and set-aside awards directly for these HUBZones.
Overall, Destination HUB will consist of three major components; first, an in-depth examination of successes and needs in the HUBZone program; second, analysis of ideal situations for successful HUBZone collaboration, harnessing the power of our public-private partnerships and market research to recruit more firms for HUBZone participation; and third, launching a broad grass-roots educational initiative, together with community organizations, faith leaders, local economic development, and key stakeholders, to encourage participation in and inspire collective ownership of, the HUBZone program, at both the regional and national levels. As a result, Destination HUB furthers SBA's effort to improve access to capital and close opportunity gaps in communities of color, by empowering entrepreneurs and small business owners economic and social mobility through employment and business growth.
The HUBZone program, enacted in 1997, helps small businesses located in areas that have been identified and designated as historically underutilized in both rural and urban communities, and on Indian reservations, receive contract help, thus promoting job growth, capital investment and economic development. The SBA regulates and implements the HUBZone Program and determines which businesses are eligible to receive HUBZone contracts. In FY 2013, the federal government awarded $6.2 billion to HUBZone firms.
To have a GDF staff member assist you in your HUBZone process, please contact us!
If you're frustrated by the conflicting and inaccurate information you've found regarding grant money for a small business, then don't worry. This article is your best source for the most accurate and up to date data. Read on and find out why!
Many people today searching for small business grant money to start their own for profit business assume that grants are nothing more than "free money." Well, sorry to be the bearer of bad news but small business grant money is hardly "free money" at all. In fact, these grants are more like contracts with their own set of obligations and restrictions that you must comply with or risk suffering sanctions imposed by your funding resource.
In the case of government grants, the rules are even stricter. One of the first places that people often turn to is the Catalog of Federal Domestic Assistance, which is where all listings of government grants approved by Congress are announced. The problem with this resource is that there are very few programs available for small businesses.
These grants are usually awarded to deserving individuals or nonprofit organizations having some community-based project in mind. Rarely will you find a government grant awarded to help set up a for profit business. That is why when searching for a small business grant you should not turn only to the government for funding resources.
A good source of grant money is the Association of Fundraising Professionals (AFP). The AFP is considered the chief professional association for fundraisers. The association was formerly known as the National Society of Fund Raising Executives (NSFRE). Their website at AFPnet.org offers sections on ethics, public policy, publications (including AFP's online bookstore), professional advancement, local chapters, jobs, and youth in philanthropy (along with a member gateway/dashboard).
Besides that, the AFP also provides a list of organizations (including their websites) that are among the top basic resources of grant money. Foremost on their list is the Foundation Center at FDNCenter.org, which publishes the revered Foundation Directory.
Consider contracts. Government money can sometimes come in the form of contracts. "If you can demonstrate that your company can execute a budget line item, if you can shape part of your idea to what the government wants done for a particular project say something educational or construction-oriented if you can fill a need, you can compete," says Francie Ward, CEO of the Business Owner's Idea Café at BusinessOwnersIdeaCafe.com.
Thank you for reading this article. I hope that it has helped you and that you were able to find, through our research, the answers you were seeking.