Stafford County has a Federal HUBZone (Historically Underutilized Business Zone) which encompasses areas near Marine Corp Base Quantico in Census Region #3.
The HUBZone Contracting Program stimulates economic development and creates jobs in urban and rural communities by providing Federal contracting preferences to small businesses. These preferences go to small businesses that meet specific criteria:
- Employ 35% of staff who live in a HUBZone
- Maintain a "principal office" in a HUBZone
- Must be 51% owned by a US citizen(s)
The SBA regulates and implements the HUBZone program. SBA does the following:
- Determines which businesses are eligible to receive HUBZone contracts
- Maintains a listing of qualified HUBZone small businesses that federal agencies can use to locate vendors
- Adjudicates protests of eligibility to receive HUBZone contracts
- Reports to the Congress on the program's impact on employment and investment in HUBZone areas
Benefits of the HUBZone Program
The program’s benefits for HUBZone-certified companies include:
- Competitive and sole source contracting
- 10% price evaluation preference in full and open contract competitions, as well as subcontracting opportunities
The federal government has a goal of awarding 3% of all dollars for federal prime contracts to HUBZone-certified small business concerns. See http://www.sba.gov/hubzone/ for maps and information.
Technology Zone Incentives for New Development or Business Expansion Projects
Technology zone incentives may be offered to a qualified technology business as a one-time contribution towards the development costs associated with a project, or may be provided as a reimbursement or rebate, depending upon the nature and scope of the development.
These incentives may include:
- Development fee and tax rebates
- Economic Development Grants
- Expedited review process
- Assistance in obtaining other sources of funding
- A waiver of certain fees associated with new construction, including, but not limited to building permit, plan review, and land disturbance fees, based upon the level of employment and capital investment generated by the business.
The following rebate in taxes:
Tangible Personal Property Taxes:
- Up to a 70% rebate for the first two (2) years;
- Up to a 50% rebate for the next two (2) years; and
- Up to a 30% rebate for the final year.
- Tangible Personal Property Taxes:
- Business-based taxes. A qualified business may receive up to a full rebate of any business-based taxes.
Approval of incentives is at the complete discretion of the Board of Supervisors. Additional qualifications and details are available by calling the Department of Economic Development at (540) 658-8681 or Rick Cobert, Business Development Administrator at (540) 658-4581.
“GEICO is fortunate to have located its Mid-Atlantic Regional Office in southern Stafford County. For more than 20 years we have been able to grow our business here with the availability of a great workforce and a cooperative partnership with local government administrators. We look forward to continued mutual growth and success for many years to come.”
Regional Vice President of Middle Atlantic Regional Operations