SBA looks to grow impact of HUBZone project

WASHINGTON – In a move designed to reinvigorate its HUBZone (Historically Underutilized Business Zones) program, the U.S. Small Business Administration has launched Destination: HUB. The new initiative is comprised of three steps that SBA Administrator Maria Contreras-Sweet believes will help HUBZone businesses reach the goal the administration has set of capturing 3 percent of federal contracts. A 2013 study showed that businesses located in HUBZones were awarded 1.7 percent of federal contracts.
“More than any other SBA initiative, the HUBZone program has been a critical resource, creating jobs, alleviating unemployment in our nation’s most vulnerable communities,” Contreras-Sweet said in a statement announcing the new program. “The program has had a transformational effect on the country. SBA’s Destination: HUB will put a spotlight on our underserved small businesses.”
Destination: HUB will start with an examination of HUBZone success stories, followed by an analysis of ideal situations for successful HUBZone collaboration and identifying more firms to participate in it. And finally, Destination: HUB will launch a grassroots campaign with community organizations, faith leaders, local economic development agencies and other stakeholders to “encourage collective ownership of the HUBZone program at both the regional and national levels,” according to a statement by the SBA. The expectation is to improve access to capital and to shrink opportunity gaps in communities of color.
HUBZones are urban and rural areas, as well as Indian land, designated for directed action to promote investment and economic development. According to the map tool found at SBA.gov/hubzone, a number of Rhode Island communities are designated HUBZones, including parts of Central Falls, Narragansett, Newport, Pawtucket, Providence, South Kingstown, West Warwick and Woonsocket, in addition to Narragansett Indian Tribe land in Charlestown. Parts of Fall River, New Bedford and Taunton also have been designated HUBZones.

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