The Board of Directors at SocialVentures announced this morning that the organization has decided to cease operations due to financial challenges.
“We appreciate the vision and commitment of our organization’s two previous leaders, Allen Proctor and Vicki Bowen Hewes, and the dedication of our former staff,” stated an email issued this morning, cosigned by Board Chair Tina Fisher and Interim CEO Steve Votaw. “We were fortunate to work alongside incredible partners who were deeply committed to the social enterprise sector. We also want to thank our donors and contributors over the years that helped cultivate the social enterprise ecosystem that is clearly making a difference in our community.”
Former SocialVentures CEO Vicki Bowen Hewes resigned on October 18th (which was announced publicly on November 18th), after 17 months in the position following Allen Proctor’s retirement. The board then met on November 30th to make the decision to shut down the organization.
“Decisions like this are never taken lightly and we firmly believe this is the right decision,” continued the leadership email. “As a Board, we must constantly evaluate the landscape and our role in the community. We have had many successes, including mentorship and peer support programs to uplift social entrepreneurs, and events to raise awareness for the businesses we serve, like Positioned to Prosper and Women Sparking Change. We believe that the social enterprise sector is stronger than it has ever been, and we are grateful to have played a role in its development.”
SocialVentures does not have an official closure date, but anticipates that will take place sometime in the next few months.
For more information, visit www.socialventurescbus.com.
(This article was updated to include correct timeline dates with regard to Hewes’ resignation.)