Written by Sharon Loosman.
This month’s Finance Division Knowledge Base spotlight is on the article: What does the designation of “Historically Underutilized Business” mean?
A Historically Underutilized Business (HUB) is a corporation, sole proprietorship, partnership or joint venture formed to make a profit in which at least 51 percent ownership of the business is by a woman, minority or service-disabled veteran.
Certification is issued by the state of North Carolina Department of Administration HUB Office to measure the amount of goods and services acquired by the state from HUBs.
The State of North Carolina, Department of Administration, Historically Underutilized Business Office (HUB) was established to:
- Increase the amount of goods and services acquired by state agencies from businesses owned and controlled by HUB firms;
- Work towards eliminating barriers that reduce the participation of HUB firms in state government procurement and contracting;
- Encourage purchasing officers and capital project coordinators within the state agencies, departments, universities and community colleges to identify and utilize HUB vendors, contractors and service providers;
- Educate HUB firms on “How To Do Business” with the State of North Carolina; and
- Provide resources for HUB firms.