A local nonprofit business is making some adjustments after a cutback in grant funding sources.

According to a news release, after "Valley Ventures Incorporated" received notice that there were cutbacks, it temporarily re-assigned Executive Director Lou Stein as of Sept. 30.

The business has suspended working with new clients, but the release says Stein will continue to complete current client projects on a limited basis.

The release states, “As of September 30^th, Lou Stein has been appointed project manager of the Small Business Office Incubator Project in Weirton, WV. Valley Ventures, Inc. received a grant from the USDA in the amount of $72,400 for this project.”

The board of directors anticipates that additional funds will be raised by the spring of 2012 to help them continue the small business development work the business has been doing for the past four years. The release goes on to say that at that time Lou Stein will resume his duties as executive director of Valley Ventures and a project manager will be hired to oversee operation of the Small Business Office Incubator Project.

Mike Strean, president of the board of directors and co-founder of Valley Ventures, stresses that the business “is not” closing its doors.