How to do Business with ASC - Definitions
Economically Disadvantaged
Socially disadvantaged individuals whose ability to compete in the free enterprise system has been impaired due to diminished capital and credit opportunities as compared to
others in the same business area who are not socially disadvantaged.
Historically Black Colleges and Iniversities and Minority Institutions (HBCU/MI)
Institution determined by the Secretary of Education to meet the requirements of 34 CFR Section 608.2. The MI is an institution meeting the requirements of the Higher Education Act of 1965.
Histocically Underutilized Business Zone (HUBZone) Loctation
A "HUBZone" is an area that is located in one or more of the following:
- A qualified census tract (as defined in section 42(d)(5)(C)(i)(I) of the Internal Revenue Code of 1986);
- A qualified "non-metropolitan county" (as defined in section 143(k)(2)(B) of the Internal Revenue Code of 1986) 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 U.S. Department of Labor recent data; or
- Lands within the boundaries of federally recognized Indian reservations.
- Eligibility: A small business meets all of the following criteria to qualify for the HUBZone program:it must be located in a "historically underutilized business zone".
- It must be owned and controlled by one or more U.S. Citizens, and at least 35% of its employees must reside in a HUBZone.
Service-disabled Business Concerns
Businesses at least 51 percent owned by one or more service-disabled veterans or, in the case of publicly owned business, at least 51 percent of stock is owned by one or more service-disabled veterans,
and management and daily business operations are controlled by one or more service-disabled veterans, or in the case of a veteran with permanent and severe disability, the spouse or permanent caregiver of
such veteran.
Small Business Concern
A firm which is independently owned and operated, and not dominant in its field of operation. In addition, other criteria such as number of employees or dollar volume of business applies.
Small Disadvantaged Business Concern
A small business concern which is at least 51 percent owned by one or more socially and economically disadvantaged individuals; or, in the case of any publicly owned business, at least 51 percent of the stock is
owned by one or more socially and economically disadvantaged individuals and whose management and daily business operations are controlled by one or more of such individuals. A qualified Small Disadvantaged
Business Concern must be certified by the Small Business Administration consistent with 13 CFR 124, Subpart B. For SBA certification, go to http://www.sba.gov/sdb.
Socially Disadvantaged
Individuals who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member or a group without regard to their individual qualities. Additionally, to qualify,
such individuals must also be economically disadvantaged.
Women-owned Business Concerns
Businesses at least 51 percent owned, controlled, and operated by a woman or women, and management and daily operations are controlled by one or more women.
Veteran-owned and Service Disabled Veteran-owned Business Concerns
Businesses at least 51 percent owned by one or more veterans or, in the case of publicly owned business, at least 51 percent of stock is owned by one or more veterans, and management and daily business
operations are controlled by one or more veterans.