Micro Business files for bankruptcy
By James Paton, Rocky Mountain News (Contact)
Published October 31, 2008 at 8:05 p.m.
Micro Business Development Corp., a Denver-based nonprofit focused on helping disadvantaged entrepreneurs, has filed for Chapter 7 bankruptcy.
The organization laid off Kersten Hostetter, its director, and other staff earlier this year. The filing lists debts of $5.8 million and assets of $4.7 million.
Christian Onsager, Micro Business Development's lawyer, declined to comment. Interim director Jack Crawford could not be reached, but told the Rocky in an e-mail earlier this year that the group was taking "time to rethink and restructure to create a newer and more effective version of our organization."
The nonprofit was formed in 1993 to assist those including "youth, entrepreneurs with disabilities, refugees, women, nonnative speakers and individuals facing the challenges of poverty," the Web site says.
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