Micro Business Development, a Denver-based nonprofit lender, has undergone a major shake-up.
Board member Jenifer Madson said executive director Kersten Hostetter was terminated last week, followed by 75 percent of the nonprofit’s employees Tuesday.
She declined to specify a reason for Hostetter’s removal. Hostetter also declined to comment on the subject.
“In the wake of that, we had to reorganize, and that includes layoffs,” Madson said of the approximately 12 people let go Tuesday.
The organization offers help and loans to people with limited resources who want to own or start businesses.
Madson would not comment on Hostetter’s replacement or the organization’s future, saying only that the board of directors was meeting about the issues.
Chairman Jack Crawford said in a statement Wednesday evening that the organization wants to move forward “with a smaller staff, more focused programming, and service offerings that are centered on the true strengths of MBD.”
Hostetter, 40, had headed MBD since 1999 and was named the 2008 Unique Woman of Colorado by the Women’s Foundation of Colorado, Lockheed Martin and The Denver Post.
Alex McCarthy: 303-954-1381 or amccarthy@denverpost.com
