Pioneering progress with our newest HubZone Certification
Element Solutions is pleased to announce our recent certification as a Historically Underutilized Business Zone (HUBZone) company by the U.S. Small Business Administration (SBA). This certification recognizes our ongoing commitment to the development and prosperity of the communities we live in, and are passionate about advancing. Additionally, our HUBZone certification solidifies our standing as a desirable partner for federal contracts.
The HUBZone program aims to stimulate economic development and foster job creation in urban and rural communities that may otherwise struggle with employment opportunities. It does this by providing Federal contracting preferences to small businesses that are located in and hire from these zones. This is an integral aspect of the SBA's mission to nurture small business growth, and at Element Solutions, we're proud to contribute to this endeavor.
Our newly attained HUBZone certification underscores our dedication to the very communities that drive us. More than a third of our workforce is drawn from HUBZone areas, reflecting our dedication to stimulating local economies and promoting skill development. This commitment goes beyond mere numbers, it is deeply ingrained in the fabric of our company ethos.
The HUBZone program, to which we now belong, has a commendable track record of stimulating economic development and job creation in disadvantaged areas. The impact is truly substantial: in 2019 alone, the federal government awarded over $11.5 billion in contracts to HUBZone businesses, exceeding its annual target. The vitality of this program is further evidenced by the evolution of HUBZone areas themselves. There are countless stories of communities that have blossomed economically and graduated from HUBZone status, indicative of the program's ability to effectively target and uplift areas in need.
Moreover, the program has garnered high praise from government officials for its positive societal impact. The former SBA Administrator, Jovita Carranza, lauded the program, acknowledging that HUBZone businesses have consistently "punched above their weight class" and remain instrumental in driving our nation's economic recovery.
At Element Solutions, we are immensely proud to align ourselves with such a successful and meaningful program. Our HUBZone certification is not just a badge of honor, but a symbol of our unwavering commitment to community development and our ambition to create a more prosperous future for all.
Furthermore, with this certification, Element Solutions becomes an even more attractive partner for government agencies such as the Centers for Medicare and Medicaid Services (CMS). Agencies can now fulfill their federal contracting obligations while also aligning with their values of social responsibility by working with us. Element Solutions is now in a privileged position to compete for HUBZone set-aside contracts. These are contracts which federal agencies reserve exclusively for competition among HUBZone-certified small businesses.
In fact, the federal government aims to award at least 3% of all federal contract dollars to HUBZone-certified small business concerns each year. This certification also allows for more streamlined contract awards from federal agencies. In certain scenarios, these agencies have the latitude to sole source contracts to HUBZone-certified companies. This streamlines the acquisition allowing the government to more effectively and efficiently meet program demands..
We believe that our HUBZone certification is more than a badge, it's a testament to our dedication to fostering growth and prosperity within our communities, while delivering excellent services to our government clients. Element Solutions is not just a federal contractor – we are a responsible, community-focused partner that is investing in the future of the areas we serve.
Element Solutions: Committed to Community, Powered by Progress.