How To Register Your Foreclosure Cleanup Business With HUD And Other Government Contracting Agencies
The Department of Housing and Urban Development (“HUD”) is the Federal company that is finally accountable for nationwide insurance policies and applications that deal with America’s housing needs. By its very nature, HUD purchases a large number of products and services from small business vendors all through the country.
Federal Authorities Spends Massive on Small Business Contracts
The Federal authorities, in general, is a huge spender with regards to procuring goods and companies from small businesses. And with the advent of a foreclosures-ridden actual estate market, property preservation companies and foreclosures cleanup businesses are completely poised to benefit from authorities contracting opportunities.
Government Pays Out Billions to Small Business Vendors
Take a look at some staggering figures below. The record shows the top 15 states the place federal contracts have been awarded to small businesses. The amount spent on small business awards is within the billions of dollars:
1. Texas: $60.5 Billion
2. Virginia: $52.6 Billion
3. California: $50.9 Billion
4. Maryland: $26.2 Billion
5. Pennsylvania: $17.6 Billion
6. District of Columbia: $16.6 Billion
7. Florida: $15.9 Billion
8. Missouri: $14.three Billion
9. Arizona: $13.7 Billion
10. Massachusetts: $13.1 Billion
11. New York: $12.7 Billion
12. Connecticut: $12.7 Billion
13. Illinois: $12.3 Billion
14. Georgia: $10.9 Billion
15. Washington: $10.2 Billion
Source: Federal Spending by way of FPDS, Fiscal Year 2008
Registration is Key to Getting Government Contracts
If your small business is just not registered with HUD and different federal companies, you might be lacking a big piece of the revenue pie on your small business. Correct database registration is the important thing to getting government contracts.
There are a number of formal databases that various authorities businesses access for contract procurement functions; however, there are just a few databases in which a small enterprise should be registered to participate in procurement opportunities.
Once you might be properly registered in HUD and different federal databases, your small business’ contact data might be accessible by all federal companies who search out small businesses for contract purposes.
License and Insurance coverage Requirements
You’ll need to be correctly licensed and insured to do business with HUD and any space of the government, so make sure you have registered your foreclosure cleanup business with your county and that you’ve obtained needed legal responsibility insurance coverage for what you are promoting, as well as some other insurance coverage it’s possible you’ll need, primarily based in your foreclosure cleanup enterprise’ services.
Have You Secured an EIN?
Additionally, you will have to have your business affairs in order relating to tax reporting procedures (i.e., have you secured an EIN?).
An EIN (Employer Identification Quantity) is also called a Federal Tax Identification Number. This number is used to identify your business entity. Getting an Employer Identification is a free service supplied by the IRS and might be obtained quite quickly.
Dun & Bradstreet Quantity
You will also want a Dun & Bradstreet (D&B) number as a part of the registration process. Dun & Bradstreet gives the D-U-N-S Number, which is solely a singular 9 digit identification number for every bodily location of your business. D-U-N-S Number project is free and is required to register your online business with the federal government for contracts.
Easy Digital Registration
Many registration alternatives exist online, so you can begin your registration process quickly. Also, do not discount registering together with your local housing authorities for small enterprise contracting opportunities. Many housing authorities have electronic registration choices through their housing authority websites as well.
Stimulus Money Abound!
Stimulus money is now far and wide for small businesses searching for to take advantage of it. Good luck in registering your foreclosure cleanup business for government contracting opportunities.
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