Federal Incentives

Opportunity Zones

 

How can I take advantage of this new initiative?

Congress has created a new tax incentive designed to drive long-term capital to distressed communities. The City of Chester is pleased to announce that we have two zones qualitied as Federal Opportunity Zones. The two zones in the City of Chester are the Chester Waterfront and the Central Business District.

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HUBZone Certification

HUBZone Logo

 

The federal government has a goal of awarding 3% of all dollars for federal prime contracts to HUBZone-certified small business concerns.  Benefits to companies who are HUBZone-certified include: 

    • Competitive and sole source contracting
    • 10% price evaluation preference in full and open contract competitions, as well as subcontracting opportunities 

As shown on the map below, Chester Township is considered to be a HUBZone, by the federal government. 

HUB Zone Map

To qualify for the program, a business (except tribally-owned concerns) must meet the following criteria:

    1. It must be a small business by SBA standards
    2. It must be owned and controlled at least 51% by U.S. citizens, or a Community Development Corporation, an agricultural cooperative, or an Indian tribe
    3. Its principal office must be located within a “Historically Underutilized Business Zone” 
    4. At least 35% of its employees must reside in a HUBZone.

 For more information see the Small Business Administration article on "Understanding the HUBZONE Program" (SBA.gov)