Facing a “liquidity crunch,” Mountain BizWorks CEO Shaw Canale has stepped down from her post, a job she’s had since 2009.
Mountain Bizworks has served as a valuable local resource since it opened in 1989, helping small businesses start, grow and create jobs through loans, classes, and coaching opportunities.
Here’s the full announcement from the nonprofit institution:
November 13, 2013: For the past 24 years, Mountain BizWorks has helped small businesses start, grow, and thrive by providing lending and learning services.
In the challenging funding environment that most nonprofits have experienced since 2008, Mountain BizWorks has made difficult decisions to cut costs while maintaining a high level of service. We are now in a position to cut costs again. We are working diligently to identify and preserve the most valuable services for our community.
In light of this development, CEO Shaw Canale has stepped down and will serve as a consultant to the organization. The Board of Directors along with the senior management staff will continue to run the organization.
According to Board Chair Eileen McMinn, “Put simply, we’re in a liquidity crunch. The good news is we have the assets to protect our investors and lenders. Our first priorities are to our clients, employees, funders and investors. We are evaluating how we can best proceed while meeting our mission of creating economic opportunity by helping small businesses start, grow, and create jobs through lending and learning.”
According to McMinn, “I have every confidence that the board and staff—with a lot of hard work and a few difficult decisions—will turn this situation around and continue Mountain BizWorks’ legacy.”