Monday, October 24, 2016

Eastside economic development agency is facing its own economic troubles

It might be kind of awkward to provide business advice when your own business has filed for bankruptcy protection and the bank is trying to foreclose on your offices. That’s the situation facing the leaders of El Sereno-based CHARO Corp., a large and influential economic development corporation focused on Latino and minority business development and job training. The non profit headed by Cynthia Amador (pictured) filed for Chapter 11 bankruptcy protection last month to prevent its lenders from foreclosing on its Valley Boulevard campus, reports EGP News.

“We still continue to work with our strategic banking partners in providing access to capital, small business training and one-on-one business counseling services,” she said in a statement to EGP.

The bankruptcy filing is a humbling event for CHARO, a source of pride and power for many Eastside Latinos. Amador, whose father, Richard S. Amador, founded the Charo in 1967, had been hailed over the years as one of the nation’s most influential Latino leaders by publications like Hispanic Business. The organization itself, which employed about 180 people in the late 1990s, describes itself as “one of the top Latino nonprofit organizations in the United States.

An upcoming event being promoted on the CHARO website: “Learn How to Increase Your Sales in a Down Economy!”

Photos: Latina Style (top) and LatinoLA (bottom)

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