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.
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:
As shown on the map below, Chester Township is considered to be a HUBZone, by the federal government.
To qualify for the program, a business (except tribally-owned concerns) must meet the following criteria:
For more information see the Small Business Administration article on "Understanding the HUBZONE Program" (SBA.gov)