Minority Business Office

C.R.S. tit. 24, art. 49.5

in effect

C.R.S. § 24-49.5-101 Legislative declaration

24-49.5-101. Legislative declaration. The general assembly hereby declares that it is in the best interest of the people of Colorado to promote the interests of minority business by assisting minority business enterprises in establishing information networks with both government and the private sector, assuring a greater flow of information about minority business enterprises and the opportunities available to minority businesses, and providing economic research and information with the ultimate goal of providing the best opportunities for minority business enterprises to enter the mainstream of Colorado's economy.

C.R.S. § 24-49.5-102 Creation of the minority business office - director

24-49.5-102. Creation of the minority business office - director. There is hereby created the minority business office within the office of the governor, referred to in this article as the "office". The office shall be in the charge of a director who shall be appointed by the governor. The director and employees of the office shall not be subject to section 13 of article XII of the state constitution.

C.R.S. § 24-49.5-103 Authority and responsibility of the director

24-49.5-103. Authority and responsibility of the director. (1) In furtherance of the policy expressed in section 24-49.5-101, the director shall: (a) Promote the business development of new and existing minority business enterprises in coordination with state economic development activities; (b) Establish networks among governmental entities, the private sector, and minority business in an effort to promote joint business activities; (c) Promote minority business participation in federal, state, and local procurement, purchasing, financing, and contracting, in accordance with existing federal and state statutes; (d) Promote self-sufficiency and survival of minority businesses with the intent of aiding such minority businesses in their attempts to enter the mainstream of Colorado's economy; (e) Enhance the access of information on international trade opportunities to minority businesses in conjunction with Colorado's international trade activities; (f) Provide economic research and information on minority businesses for the use of federal and local governmental agencies, private industry, labor, and professional and other groups. The office shall make efforts to recover the costs associated with this paragraph (f) through user fees. (2) The director may receive funds from the private sector for the purposes of conducting or implementing projects and other necessary operations of the office. All funds received shall be placed in the minority business fund created in section 24-49.5-104. (3) The director shall develop and implement performance and accountability standards. Such standards shall include, but shall not be limited to, the following: (a) The fees established pursuant to paragraph (f) of subsection (1) of this section; (b) The number of businesses by race and ethnicity including the protected groups known as African Americans, Hispanic Americans, Asian Americans, Native Americans, and any other minority ethnic groups assisted by the office and the actual moneys associated therewith; (c) The type of assistance provided to the businesses assisted; (d) The number of new jobs created; (e) The number of existing jobs retained; (f) An overview of the minority business office's successes and failures; (g) The amount of revenues added to the state's economy due to the efforts of the minority business office; (h) The year-end annual report of the minority business office; (i) The types of businesses assisted; (j) The geographical location of businesses assisted; (k) Any suggestions for greater minority participation in the state's economy; and (l) An accounting of private and public funding and expenditures.

C.R.S. § 24-49.5-104 Minority business fund - created

24-49.5-104. Minority business fund - created. (1) There is hereby created in the state treasury a fund to be known as the minority business fund, which shall be administered by the director of the minority business office. (2) All moneys received from user fees pursuant to section 24-49.5-103 (1)(f) and any other moneys received by the office shall be placed in said fund. (3) The general assembly shall make annual appropriations of the moneys in the fund to the minority business office for administering the provisions of this article. (4) Any moneys in the fund not appropriated shall remain in the fund and shall not be transferred or revert to the general fund of the state at the end of any fiscal year. (5) The general assembly may from time to time make appropriations from the general fund for the use of the minority business office in carrying out the purposes of this article.

C.R.S. § 24-49.5-105 Historically underutilized businesses - legislative declaration - definitions

24-49.5-105. Historically underutilized businesses - legislative declaration - definitions. (1) The general assembly hereby finds and declares that: (a) Businesses owned by minorities and women are among the fastest growing in the state but are historically underutilized in government contracts. (b) Securing government procurement contracts is a major determinant in the success of businesses owned by minorities and women. (c) The owners of historically underutilized businesses can benefit from surety technical assistance programs that help those businesses qualify for the performance bonds that are required for businesses to bid on public projects. (d) It is the intent of the general assembly to assist historically underutilized businesses by creating a surety technical assistance program. (2) In addition to the responsibilities of the director of the minority business office specified in section 24-49.5-103, the director shall establish a program to provide surety technical assistance services for the benefit of historically underutilized businesses and may contract with insurance companies, surety companies, agents, or brokers for the purpose of implementing the program. (3) The director of the minority business office shall compile a centralized directory of all historically underutilized businesses that have obtained the contract performance and payment bonds required in order to be awarded a government procurement contract. The director shall ensure that the directory is accessible to governmental entities that enter into procurement contracts. (4) As used in this section, unless the context otherwise requires, "historically underutilized business" means an entity that qualifies as a small business pursuant to 13 CFR 121 and that is a profit-making corporation, sole proprietorship, partnership, or joint venture in which more than fifty percent of the shares of stock or other equitable securities are owned by one or more persons who are members of the following groups: (a) African American; (b) Hispanic American, including but not limited to all persons of Mexican, Puerto Rican, Cuban, Central or South American, or other Spanish or Portuguese culture or origin, regardless of race; (c) Asian American, including but not limited to persons whose origins are from Japan, China, Taiwan, Korea, Vietnam, Laos, Cambodia, the Philippines, Samoa, the United States territories of the Pacific, or the Northern Mariana Islands; and subcontinent Asian American, including but not limited to persons whose origins are from India, Pakistan, Bangladesh, Sri Lanka, Bhutan, or Nepal; (d) Native American, including but not limited to persons who are American Indians, Eskimos, Aleuts, or Hawaiians of Polynesian descent; or (e) Women, including women of any group specified in paragraphs (a) to (d) of this subsection (4).

C.R.S. § 24-49.5-106 COVID-19 relief for minority-owned businesses - definitions - repeal

24-49.5-106. COVID-19 relief for minority-owned businesses - definitions - repeal. (Repealed)

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://leg.colorado.gov/sites/default/files/images/olls/crs2024-title-24.docxFetched: 10/6/2026