Socioeconomic Essays

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Socioeconomic Essay To help facilitate the growth of small businesses Federal Government procurement requires their Contracting Officers to comply with applicable socioeconomic laws and regulations that do not apply to commercial contracting. The socioeconomic goals set forth by these laws, which pertain only to federal contracting and are integrated into the FAR, ensure there is constant economic growth for the U.S economy as well. These goals consist of making awards to what is considered, set-aside programs, and includes small businesses participating in the 8(a) Business Development Program, Historically Underutilized Business Zones (HUBZone) Program, Service-Disabled Veteran-Owned Small Business (SDVOSB) Program, or the Women-Owned…show more content…
One particular program of interest is that being the HubZone Program. HubZones consists of businesses that are located in areas defined by the federal government as being an area that is economically depressed due to high unemployment rates. HUBZones are categorized by the SBA as being in one or more of the following: • A qualified census tract. • A qualified non-metropolitan county with a median household income of less than 80 percent of the State median household income or with an unemployment rate of not less than 140 percent of the statewide average based on US Department of Labor recent data. • Or on lands within the boundaries of federally recognized Indian reservations. In order for a Small Business to qualify as a HUBZone business, it must meet all of the following criteria to qualify for the HUBZone program: • For starters it must be located in a "historically underutilized business zone" or HUBZone. • It must be owned and controlled by one or more US Citizens, and • Lastly, at least 35% of its employees must reside in a HUBZone area. The US Small Business Administration regulates and implements the program and determines which businesses are eligible to receive HUBZone contracts, they maintain current listings of qualified HUBZone small businesses that Federal agencies can use to locate vendors, settle

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