What is a HUBZone?
In 1992, a Presidential Panel issued a report that explored the concept of "Historically Underutilized Businesses," or HUBs to replace "Disadvantaged Businesses." By 1996, President Clinton issued an Executive Order for "Empowerment Contracting" and sought a price evaluation credit to encourage business activity by large or small firms in areas of "general distress." The following year, Senator Christopher Bond (R-MO) sponsored legislation to create the HUBZone program and it was enacted into law as part of the Small Business Reauthorization Act of 1997. This highly successful venture falls under the auspices of the U.S. Small Business Administration and currently has more than 11,000 participants.