Denver's minority entrepreneurship fund collapses

A venture fund set up to boost women and minority-owned businesses is suing the city for"flagrant misconduct" and alleging missing funds.DENVER — The City and County of Denver's multimillion dollar project to boost small women and minority-owned businesses has collapsed, and the people running the project are suing the city for what they're calling"abandonment of minority and women-owned businesses through brazen acts of willful misconduct.

The cannabis money went into the Herman Malone Fund, a dedicated fund established to expand access for diverse-owned Denver small businesses. "I think they use the money for other things they shouldn't have. I mean, that's my opinion. Like, that's what I really think." Shoots told 9NEWS."I think that money is not being well managed within the department. I can't I go back and forth between intentional and incompetence, but something is wrong."

The relationship between DEMI and the city has soured to the point where Shoots and the DEMI Fund aren't asking for the full $15 million payment -- they're suing for $800,000 in unpaid invoices, and attorney's fees, before abandoning the partnership entirely.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Denver distillery moving to Boulder County, will close Denver taproomA Denver distillery is relocating to Louisville. When it does, it will close its Denver taproom and restaurant.
Source: denverpost - 🏆 13. / 72 Read more »

PHOTOS: Denver March Powwow 2024The Denver March Powwow took place March 15-17 at the Denver Coliseum.
Source: denverpost - 🏆 13. / 72 Read more »

Denver City Council greenlights city raising up to $115M to buy Denver Post, Embassy Suites buildingsFour council members voted against the Denver Post building purchase financing on Monday with Shontel Lewis calling the deal a “terrible use of tax dollars.”
Source: denverpost - 🏆 13. / 72 Read more »

For Colorado restaurants opening at Denver International Airport, is the risk worth the reward?When Justin Cucci would fly out of Denver International Airport more than 10 years ago, he’d usually pack his own food. “As a traveler, I was always let down by the food and the lack of Denver repr…
Source: denverpost - 🏆 13. / 72 Read more »

Denver increasing security at hotel shelter after double homicideBrandon Richard is a reporter for Denver7 in Denver, Colorado.
Source: DenverChannel - 🏆 239. / 63 Read more »

Rep. Leslie Herod claims vindication after Denver judge states sexual assault claims 'defied common sense'Tony Kovaleski is the contact7 Chief Investigative Reporter.
Source: DenverChannel - 🏆 239. / 63 Read more »