Are you a new business owner? It can be very confusing and stressful at first when you go from an hourly employee to an entrepreneur. What should your course of action be once you obtained the required licenses and decided on one of the California business insurance quotes you requested? You need to find clients and start earning money. For eligible small businesses, the HUBZone Program offers great opportunities.
What is the HUBZone Program? It is an arrangement created by the federal government with the help of the Small Business Association to make the most of constantly under “Historically Underutilized Business Zones.” The hope is that with a higher chance of receiving government contracts, the economy in low income/high unemployment areas will be spurred into life.
There are three types of contracts used in this program. The first is competitive contracts, where two or more businesses are elected to compete for the bid. The second is sole source contract, which is used when only one business in the HUBZone meets the criteria. The third is open competition contracts. For these, businesses submit offers for the job and the best is selected.
What is the driving force behind the HUBZone program? Its aim is to award three percent of all government contracts to small businesses in low-income or underdeveloped areas. This opportunity could be just what you need to expand your business. As it grows, it is vital you request new the California business insurance quotes to ensure you are adequately covered. Get a quote now by contacting one of our agents!