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The Polis Administration and the Global Business Division of Colorado Office of Economic Development and International Trade (OEDIT) announced today that Greenfield Holdings, an integrated agricultural and infrastructure company, has selected Denver for its headquarters. 

Greenfield Holdings is on a growth trajectory and is developing a world-class asset base that will help facilitate the growing international demand for grain and other U.S. agricultural products. Its new headquarters in Denver will support its grain storage, handling and export facilities. 

“Colorado’s agriculture community is unmatched, and we are proud to support Colorado’s hard-working farmers and ranchers. We’re excited Greenfield will help create over 20 new good jobs here, put down roots in our beautiful state as we continue to advance and grow Colorado’s thriving agricultural industry,” said Governor Jared Polis.

Greenfield Holdings expects to create 20 net new jobs at an average annual wage of $83,725,  which is 111.33% percent of the average annual wage in Denver County. The jobs will include traders, analysts, accountants, logistics, operations, IT managers, etc. The company currently has 11 employees, five of whom are already based in Colorado.

“Denver stood out to us not only because of the competitive incentive package offered by the state and city but because of the talent pool that would be accessible to us as our company grows,” said Kyle Egbert, CFO of Greenfield Holdings. “We’re excited to engage with the state’s renowned university systems and tap into young talent as they enter the workforce.” 

“Colorado has a strong heritage in farming and ranching, and innovative companies like Greenfield Holdings help us continue our legacy as an agricultural industry leader in the western United States,” said OEDIT Executive Director Patrick Meyers. 

Greenfield Holdings is constructing a grain export facility in Louisiana and currently has grain assets established in Arkansas and Louisiana with plans for further asset construction taking place along the Mississippi River.  The establishment of the new corporate headquarters in Denver along with these facilities will allow Greenfield to continue to generate strong investment returns in the global economy, while adhering to and benefiting from Environmental, Social, and Corporate Governance (ESG) stewardship.

“The Denver metropolitan area offers employers the second-most educated workforce in the country to tap into,” said Ray Gonzales, executive vice president of the Metro Denver Economic Development Corporation. “Access to this talent pool is attractive to companies like Greenfield and we are thrilled to welcome them home to Denver.” 

Colorado competed with New Orleans, Houston and Chicago as the new headquarters location. The State of Colorado will provide up to $162,974 in performance-based Job Growth Incentive Tax Credits over an eight-year period. 

With high elevation, low humidity, and intense sunlight, gardening in Colorado is not for the faint of heart. Despite these challenges, OrganaGardens has been providing custom landscaping services to the Pikes Peak Colorado Springs area since 1995.

While successfully navigating the Colorado landscape is an accomplishment in itself, OrganaGardens takes their work a step further by gardening in an innovative way. By practicing the principles of “permaculture design,” their home systems serve both the aesthetic and functional needs of their clients. These sustainable systems include rain gardens, erosion control, home food systems, and more, all while minimizing maintenance and water needs.

While gardening is their passion, so too was building an organization that would ultimately further benefit their employees. 

OrganaGardens started as an LLC, where founders Becky Elder and Brian Fritz consistently worked alongside other gardeners who held their own LLCs. “This model is not like a typical business structure, so the founders started researching what other options look like,” said Rachel Ribich, Lead Gardener at OrganaGardens. “Luckily, the State of Colorado educates around employee ownership and cooperative structures, so the founders started moving in that direction.” 

The founders recognized that their model, while not a traditional one, worked best for their needs and officially became a worker cooperative in May of 2021 with the support of the Employee Ownership Grant.

For OrganaGardens, a worker cooperative made sense. The opportunity to pool together resources, labor, tools, and skill sets made their operations sustainable and effective. Becoming one entity fostered and streamlined what they could do together - and helped the business grow, specialize their services, and keep up with demand long-term.

Having an owner mindset is imperative in any employee ownership model. For the gardeners at OrganaGardens, this mindset is a part of them already. In addition to being an employee-owner, each gardener also holds their own LLC. While the owners could operate individually, the cooperative model offers an impactful way for them to share resources and clients while leveraging one another - growing their own businesses, as well as the cooperative at large.

The gardeners also hold a specific leadership function for the business. Owners regularly come together weekly to share knowledge, meet on important topics, and vote on the direction of the organization.

Since becoming a cooperative, OrganaGardens has seen something outside their products and offerings (and plants!) grow - their wages.

“Our wages are significantly above minimum wage, and we were able to do that as a cooperative to come together and pool those resources,” said Rachel. “We’ve been able to raise our rate and our wages for our employees. One of our highest goals is to offer a fair and equitable livable wage…We are making enough money to truly support ourselves, and I think as an employee-owned cooperative, we've been able to focus on that.”

Since instilling the cooperative model, the organization has been refining their process and learning more about what it means to be an employee-owned company. They are navigating the nuances of taxes, refining their bylaws, and streamlining their approval and decision making processes. Rachel notes that they appreciate all of the education and support they received throughout their conversion - especially the organizations that helped them craft their bylaws, and the Employee Ownership Grant that helped cover the technical support necessary to become employee-owned.

Despite challenges along the way, Rachel expresses that the benefits of employee ownership are well worth the effort. To hear OrganaGarden’s journey first-hand, watch our video interview with Rachel.

OrganaGardens was an awardee of the Employee Ownership Office’s Employee Ownership Grant. If your business is considering making the conversion, learn more about how our grant and Tax Credit Program can help cover your transition costs.

The Cannabis Business Office's Social Equity Licensee Highlight series dives into the stories of social equity licensees currently operating in the cannabis space. By exploring the unique backgrounds, challenges, and opportunities of these owners, our case studies serve as unique window into the cannabis industry and a way for businesses to learn from one another.

High Demand Delivery is devoted to the task of distribution of cannabis in Colorado by providing flexibility and reliability to their partners. The business developed a delivery solution with dispensary profitability in mind.

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What sparked your interest in the cannabis industry?

Each owner at High Demand Delivery has their own specific story of what brought them to the industry. Overall, it was a combination of serial entrepreneurship and legacy participation, as well as the fight towards normalization of cannabis and black-ownership in this regulated industry that made our participation a must. 

How will your work impact the community? 

Community is very important to us, and giving back to the community through contributions is key. Last year, we were able to donate financial support to the Court Appointed Special Advocates (CASA) association and Movement 5280. For a new startup with one contract at the time, this was definitely a milestone. 

In addition, bringing more people of color from the community into the industry through job creation and ownership is a priority. We have diverse hiring practices that focus on employment opportunities for community members that have been impacted by the war on drugs, veterans, and women. As our business grows, we will continue to support the community with a focus on athletic and educational sponsorships and financial contributions to community organizations that support youth.  

Is there anything interesting about your backstory that you’d like to share?

Before starting High Demand Delivery, co-founders Terrence Hewing and Sarah Woodson were both negatively impacted by cannabis probation prior to starting their first cannabis ancillary business, Kush & Canvases, LLC. Around this same time, co-founders Cliff and Lillian Stokes were owners of a 420-friendly, black car limo service called High End Transportation. Cliff and Sarah saw the opportunity for a strategic partnership in 2016, where they referred customers to one another. 

After five years of working together and collaborating, COVID-19 caused High End Transportation to close and left Kush & Canvases fighting to stay open. When cannabis delivery finally became a licensed business type, the already existing synergy and business history made the partnership a wonderful opportunity. 

Please share something unique about your company. 

We are the first social equity licensed transport company and  the first operational social equity transporter and delivery company in Colorado. Since June 2021, we have completed just under 1,000 deliveries. We have a full eco-friendly fleet of seven vehicles and are 100% minority-owned, 25% veteran-owned, and 50% woman-owned. 

What challenges do you face as a small business and social equity licensee?

As a new delivery company and small business, our goal is to grow and scale. Right now, we have a medium-sized fleet of seven electric vehicles, multiple social equity partners in our business, 15+ years of logistical experience, and 20+ years of business experience. Despite our business acumen, assets, and being fully licensed, we still have yet to secure a client in Denver. It almost appears that being a social equity license holder has created this road block and became our biggest challenge in securing additional contracts. We have personally reached out to over 60 stores and have had 24 meetings. The majority of the stores we have met with are currently delivering and have opted to stay with in-house delivery. However, we continue to reach out and make new connections to secure more contacts.

What would you change about the Colorado cannabis industry if you could?

Less than 9% of the stores in Denver have opted into delivery. An additional license type that is not reliant on existing retail stores would be the most important change for social equity in the Colorado cannabis industry. Warehouse/non-retail storefront delivery (compared to retail-only delivery) is the last real remaining opportunity to be a part of the plant touching market. This type of delivery allows a business to purchase at wholesale then deliver directly to customers, instead of delivering goods already priced at retail prices. Especially since the majority of all new social equity licenses are non premise transporters with delivery permits, and the majority of the transports do not have contacts! 

In addition, because capital is the biggest burden for social equity applicants, fees for Social Equity have to be reduced - and in certain cases waived - for a period of time to help social equity applicants.

And finally, more cities have to open up for social equity applicants. Denver - which is the only city that is focused on a robust social equity program - must remove distance restrictions and setbacks, as well as allow applicants to open new retail stores in neighborhoods of undo concentration through the exclusivity period. Without this change, it has been a pattern that only social equity applicants that are well funded and a part of the existing industry prior to social equity will benefit. Every new store in Denver is attached to a well funded existing member of industry that happens to qualify for social equity.

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We are developing a case studies series to tell the stories of social equity licensees currently in operation in the cannabis space. If you are an operational social equity licensed cannabis business, please complete our form so we may consider you for a future edition. The next two questions are screening questions. Additional questions will appear if you are eligible.

Apply to be featured

To raise awareness about accessibility in the arts, CCI is reintroducing the “Accessibility Corner”! Every month, this newsletter will include a link to a blog post on a different aspect of accessibility in the arts. We define accessibility as “when the needs of people with disabilities are specifically considered, and products, services, and facilities are built or modified so that they can be used by people of all abilities.” (Disability and Health Inclusion Strategies) We will be curating resources by accessibility advocates, featuring the work of artists with disabilities, and organizing panels for deeper conversations on accessibility topics. This initiative is “one means to a larger goal— inclusion in the cultural community of people of all ages, with and without disabilities.” (Patterson et al.)

Accessibility is an important and often overlooked aspect of equity, diversity, and inclusion. One in five adults in Colorado has a disability. (For Colorado specific data, click here.) As RespectAbility notes, “People can be born with a disability, or acquire one due to an accident, aging, gun violence or in military service to our nation”. (Inclusive Philanthropy Toolkit for Philanthropists and Funders) Disability affects people from all demographics and walks of life. Everyone deserves access to engage in the arts. 

It's CCI’s goal to make sure all Coloradans have access to creative environments and experiences. CCI is curating these resources because prospective grant applicants must demonstrate their organization is complying with ADA regulations. CCI applicants must acknowledge that their programs, services, and facilities are accessible, or be following a plan to make them accessible. This feature will provide resources that can spark discussion and inform applicants’ accessibility initiatives.

Our intended audience for this work is broad and will vary from month to month. Since accessibility can be incorporated into every facet of the arts, we will have resources for individual artists with disabilities, arts organizations (serving patrons and employees with disabilities), and philanthropic organizations funding the arts. These resources will apply to a variety of artistic mediums including the performing arts, visual arts, literary arts, and more. 

To ensure that we create content that reflects the interests of the disability community, we are engaging in frequent discussions with multiple leaders in the Colorado arts community focused on disability advocacy. We aim to supplement existing resources and highlight the work of experts in this field. We intend to keep intersectionality, inclusion, and intentionality at the center of this work. Understanding that this work is ongoing, we welcome any and all feedback on how we can improve these resources. 

Thank you for engaging in this crucial work to make Colorado’s arts community accessible to all. 

Bibliography

“Disability & Health U.S. State Profile Data: Colorado.” Centers for Disease Control and Prevention. Centers for Disease Control and Prevention, June 28, 2021. https://www.cdc.gov/ncbddd/disabilityandhealth/impacts/colorado.html.

“Disability and Health Inclusion Strategies.” Centers for Disease Control and Prevention. Centers for Disease Control and Prevention, September 15, 2020. https://www.cdc.gov/ncbddd/disabilityandhealth/disability-strategies.ht….

“Inclusive Philanthropy Toolkit for Philanthropists and Funders.” Respect Ability, March 3, 2022. https://www.respectability.org/inclusive-philanthropy/.

Office for AccessAbility, Charles Goldman, Ann-Ellen Lesser, Mary Lincer, Sharon Parks, and John P. S. Salmen. Edited by William V Patterson, Katharine Bird, and Andi Mathis, Design for Accessibility: A Cultural Administrator's Handbook § (2003). https://www.arts.gov/about/publications/design-accessibility-cultural-a…;

DENVER - The Polis Administration today announced the Cannabis Business Office’s Cannabis Business Pilot Grant, a bold, forward-thinking initiative to save small businesses money, foster a more equitable cannabis industry, and make it easier for Coloradans to thrive in one of the state’s fastest growing industries. 

“Colorado’s nation-leading innovations in the cannabis industry are strengthening our economy, advancing diversity, and inclusion, and saving small business owners money,” said Gov. Polis. 

The innovative grants, an initiative of the Office of Economic Development and International Trade (OEDIT), provide financial support for social equity licensed cannabis businesses to accelerate the growth of their businesses. 

“Finding funding opportunities is an ongoing challenge that cannabis entrepreneurs face in the US,” said Cannabis Business Office Program Manager, Tristan Watkins Ph.D. “The Pilot Grant is designed for early-stage and growing businesses to gain access to the capital they need to succeed - whether it's for seed money to get started, or to help cover costs to improve their business.”

The first round of the Cannabis Business Pilot Grant opens today for eligible social equity licensed cannabis businesses who have been awarded, or are actively pursuing, a regulated business license from the Marijuana Enforcement Division. 

Based on their maturity, eligible businesses are divided into either the Foundational or Growth category, awarding up to $25,000 and $50,000, respectively. Funds may be applied toward previous and upcoming projects for their business, including: brick and mortar regulatory requirements, technical and expert requirements, licensing and regulatory fees, operation needs and innovative initiatives.

To be eligible for the grant, businesses are required to complete the Cannabis Business Technical Assistance program or a partner program, which teaches the fundamentals of launching and operating a business in the cannabis industry. Businesses will then complete the pre-application and application process, where they will prepare a project proposal detailing their projected use of the grant funds. The prerequisite technical assistance program is a valuable tool for applicants as they prepare their project proposal. Approved applications will undergo reviewer evaluations, and awarded businesses will be notified and receive funding soon after.

Visit the Cannabis Business Pilot Grant webpage to learn more about eligibility, award amounts, the application process, selection criteria and more. Applications are due by April 11. To be notified of future rounds of grant funding, subscribe to the Cannabis Business Office monthly newsletter.

Women’s History Month: Colorado is home to innovative and creative women – past, present and future 

Did you know? For those who have hiked or rode the train up Pikes Peak, the expansive view, the crisp air and the incredible height might move one to tears. It’s no wonder that one of Colorado’s most famous fourteeners was the muse, or rather the purple mountain majesty, behind one of the country’s most cherished anthems, “America the Beautiful.” For some, hearing this song before a sporting or momentous event might fill one’s chest with pride. But not many know that, Katharine Lee Bates, an English professor from Wellesley College, was inspired to write a poem that would later become this anthem during a wagon ride up what’s now affectionately known as America’s Mountain.

Bates is far from the first or last woman inspired in the Centennial State. Check out some current innovative and creative women-owned businesses across Colorado: 

Buderflys: Shea Gerhardt loved listening to music while riding the slopes in Steamboat Springs but she could never find earphones that would fit under her helmet without causing discomfort. She was inspired to design earphones that would flex and mold to whatever sport she was doing, something she could wear all day. Read more about her story and the evolution of Buderflys. 

Wadfree: Cyndi Bray purchased an energy-efficient washer and dryer with the intention to save time and energy when washing her clothes and bedsheets. However, it was inevitable that even with a high-efficiency appliance, her bedsheets would take all day to dry because they would get tangled and wadded up. Bray was motivated to find a solution to this problem and designed a product that prohibits sheets from wadding, a creation that led her to an appearance on the show Shark Tank. Learn more about Wadfree and you too can live a wad-free lifestyle!

Fit & Nu: Sisters Joslyn Reese and Brittney Rae Reese, nutritionist and fitness coach respectively, joined forces to bring a wellness program for women of color in Colorado. They provide a holistic approach to wellness by assessing each individual’s body makeup and needs, make a plan for a healthier lifestyle, and offer exercise and nutrition classes. This program is accessible in person and virtually: check it out!

Timberline Adventures: While Colorado is home to endless opportunities for adventure, we know there is so much more to explore beyond our state. Carol Gottsegen’s woman-owned and operated company offers cycling, hiking and other tours expertly-led in Colorado or in over 35 national parks and monuments around the US and Canada. Book your next adventure with this team!

Fill and Refill: A lifelong outdoorswoman and nature-lover, Allison Burgund is doing her part to protect the planet. After examining her own family’s plastic waste and visiting a recycling center with her daughter, Burgund launched Fill and Refill, a shop where you can refill your shampoo and soap bottles instead of buying a new single-use plastic bottle. Shop here for soaps, toothpaste, reusable cloth wipes and facial rounds, and feminine hygiene products. 

Aunt Helen’s Coffee House: Coffee is one of life’s great pleasures and Aimee Hutson knew the best person to name her coffee shop after was her Aunt Helen, who lived to 108 years old. Aunt Helen’s secret to living a long life was: “minding your own damn business,” so visit this local coffee shop and sip some coffee, eat one of their signature Waffle Wraps, and mind your own business. 

Resources for women-owned businesses in Colorado

To find more women-owned businesses across Colorado, visit our Minority Business Directory. Women-owned businesses can also add themselves to our directory at any time.
Women-owned businesses can also take advantage of our Minority Business Office, which provides technical assistance and helps them learn how to best market themselves as a certified business and secure government contracts. They can also take advantage of the support of the Colorado Small Business Development Center Network, which provides no-cost consulting and low-cost training and workshops to entrepreneurs in every county across Colorado.
To learn more about our #ShopLocalColorado campaign, visit our #ShopLocalColorado toolkit. There, you will be able to see themes for upcoming months and fill out a form to submit your business for consideration for promotion.
 

DENVER -- Colorado Creative Industries, a division of the Colorado Office of Economic Development and International Trade (OEDIT), announced today that 14 grantees have been awarded $217,000 in American Rescue Plan funding through Cycle B of the Colorado Creative Corps ARP grant. This funding initiative is supported through Colorado’s partnership agreement with the National Endowment for the Arts. 

The Colorado Creative Corps ARP Grant provides funds to individual artists for specific, definable projects that connect artists and organizations to local initiatives. Funded by the American Rescue Plan (ARP), a total of $500,000 is dedicated to supporting employment opportunities for artists impacted by COVID-19 through this funding by building new structures and partnerships that will help to sustain Colorado’s creative sector. The awardees for round two are as follows: 

Jennifer Dempsey, $15,000 - Chaffee County: For "White Bear Woman," an original one-woman theater-in-education production that tells the story of 23 year old Lori Piestewa, the first Native American woman to lose her life as a member of the US military.

Andre Carbonell, $12,000 - Denver County: For the creation of the "Slam Nuba" artist residency, which will provide 6-week residencies to literary performance artists who identify as Black, Indigenous, or persons of color.

Brian Corrigan, $20,000 - Denver County: For the "Farm-To-Spaceship x San Luis Experience Accelerator," which seeks to address community and economic development in San Luis, Colorado’s “Oldest Town,” by activating the community to co-design creative placemaking activities that both enhance the public realm and create experiential offerings for visitors and locals.

Victor Ngo-Smith, $18,000 - Denver County: For the "Refuge Arts" program, which offers immigrant and refugee women and girls, and queer minority youth free weekly group music and art experiences, including community choir, orchestra, drum line, world percussion ensemble, visual art and mural design.

Gregg Ziemba, $18,000 - Denver County: For the creation of a visual album of the "Alice in Wonderland" (All is Wonder) soundtrack written, recorded, produced, and released by the Denver band Wheelchair Sports Camp.

Bernadette Salem, $15,000 - Gunnison County: For the creation and subsequent screening at the "Peace Museum CO," (Gunnison) of a four-part Navajo language documentary series centered around the Navajo musical ceremonies that accompany each of the four seasons.

Yul Jorgensen, $18,000 - Huerfano County: For the creation of murals and programming, including community art workshops and public events, for the second annual FAROUT Mural program in Walsenburg.

Emilie Odeile, $23,000 - Huerfano County: For "FROG: A Fiber Situation," a multi-sensory fiber art exhibition and Lifelong Colorado webinar series that educates and informs municipal leaders across the state on the benefits of pursuing and achieving age-friendly designation. 

James Bruenger-Arreguin, $12,000 - Jefferson County: For “Coyota in the Kitchen,” a new one-woman theater piece created by Colorado director James Bruenger-Arreguin and Colorado writer Jessica Kahkoska, produced in partnership with the the Colorado Fine Arts Center at Colorado College and adapted from Anita Rodriguez’ award-winning book of the same name.

Tony Diego, $17,000 - Jefferson County: For a community-based art exhibit led by "Los Fantasmas" artist collective in collaboration with the State Office of Juvenile Diversion, GRASP (Gang Rescue and Support Project), and Colorado Circles for Change, which will engage students and families that identify as Chicano, Indigenous, Native or Raza.

Amelia Furman, $4,000 - Larimer County: For “Uniquely Us: Identity in Community," a collaborative project supporting art exploration and expression for young adults in the disability community in Larimer and Weld counties by providing art workshops and the creation of collaborative artwork. 

Chelsea Gilmore, $21,000 - Larimer County: For the creation of community developed sculptural installations in vacant storefronts along the Pawnee Pioneer Scenic and Historic Byway in Morgan County, as well as the installation of a mural at the end of the byway in Fort Morgan.

Will Campbell, $18,000 - Mesa County: For a film and mural project that will highlight the efforts of high school age students in Grand Junction who are working collaboratively on suicide prevention and postvention advocacy.

Briana Harris, $6,000 - Weld County: For the "Bands Give Back" program, which is organized by the band "The Burroughs," and will pair professional musicians and bands with high school music programs in Greeley-Evans School District 6 to deliver guest artist workshops.

The awardees for round 1 can be found here. 

Colorado’s largest and fastest-growing creative industries, including music, theater, dance, and visual arts, have been among the hardest hit by the impacts of COVID-19. Estimates are that between April and July 2020, creative industries as a whole lost 59,600 jobs and $2.6 billion. The estimated losses contracted the region’s creative economy by 31% in terms of employment and 8% in annual sales revenue. 

Margaret Hunt, Director of Colorado Creative Industries, says, “Colorado’s arts, culture and entertainment industries play a critical role in our economy and are essential to our recovery and resiliency. These projects build community and foster an important sense of belonging. The Creative Corps ARP program offers direct funding to individuals, helping to ensure a strong recovery for the arts in Colorado.”

Arts, culture and entertainment play a key role in Colorado’s economy with higher than average industry growth in all regions of the state from 2010-2019. Creative Industries generated $31.6 billion in sales of goods and services in 2019. This figure represents 4% of all goods and services sold within the state, more than mining or transportation. 

With over 100 locations across Colorado, Arizona, and California, many individuals are already familiar with FirstBank, or 1STBank, as a banking and financial services company. What some customers may not know, however, is that this privately held company has been employee-owned since they were established in 1963.

In our interview with Shannon Jones, President of Human Resources at FirstBank, she offered key insights into their nearly 60 year employee ownership journey. For the first several years, FirstBank offered employees participation through a profit sharing plan. Not long after, the company then transitioned to an Employee Stock Ownership Plan (ESOP) in 1976, which is still going strong to this day.

FirstBank founders recognized the day-to-day and long term impact being employee-owned would bring. From bank tellers to presidents, all have an investment in the success of the company and actively consider how their decisions affect “their ESOP.” This mindset ultimately encourages their employees to be especially thoughtful about how they approach their roles.

“The investment and the buy-in that you get from your employees is just amazing. They truly care and it really affects their decision making,” says Jones. “Our ESOP is one of the reasons they stick around. It’s really important to them.”

Jones and FirstBank recognize that being employee-owned gives them a unique competitive edge when it comes to recruitment and retention. While helping employees build a career, they also help them create sustainable future wealth.

It may come as no surprise that by being a financial services company, FirstBank recognized the importance of diversifying their employees’ saving options. In addition to their ESOP, FirstBank began offering a 401k in the early 2000’s. Knowing that having choices is essential for employees, the company took it one step further by contributing to their employees’ retirement plans, even if the employees do not do so themselves.

“Take home pay isn’t what it’s all about. When you look at the total rewards and total package, their retirement is important... if you can do something to help them build their wealth, that’s important.”

When asked why businesses should consider being employee-owned, Jones shared some impressive statistics. At FirstBank, 46% of their employees have been around for at least 6 years and 30% for over 11 years. An employee survey revealed that 85% of employees found their retirement plan to be the most important benefit to them. And finally, out of all employees, a whopping 93% actively allocate a portion of their income to the ESOP and/or 401k.

Outside of saving for the future, FirstBank has seen active participation among employees when they embrace an ownership mindset. Over the years, the bank has made transparency and communication a priority across all levels of the company. They constantly share important results and strategies that affect the business, income, and profit. 

Recently, they even brought in employees from across the company to help decide on key strategies for FirstBanks’ three year plan. Now more levels of the company are represented and involved in determining impactful decisions. “It’s just really cool and unique to have someone not at the C-level give input on what the next three years of the company will look like,” says Jones.

Jones attributes FirstBank’s ability to keep employees’ needs at the forefront to making it a point to really listen to them, be flexible, and pivot as necessary. Learn more about their journey by watching the video interview below.

In Colorado, there are a variety of employee-ownership structures to choose from. To discover the different employee-ownership options and how they can work for your business, visit our Intro to Employee Ownership Toolkit. For current Colorado-headquartered businesses actively converting to an Employee Ownership Trust, a Worker-Owned Cooperative, or a Employee Stock Ownership Plan, consider applying for our Employee Ownership Tax Credit to cover up to 50% conversion costs on a qualified business’ state income taxes.