{"id":23306,"date":"2014-09-09T20:19:20","date_gmt":"2014-09-09T20:19:20","guid":{"rendered":"https:\/\/biznews.fiu.edu\/?p=23306"},"modified":"2016-12-09T08:29:04","modified_gmt":"2016-12-09T13:29:04","slug":"mia-senior-living-solutions-miami","status":"publish","type":"post","link":"https:\/\/biznews.fiu.edu\/2014\/09\/mia-senior-living-solutions-miami\/","title":{"rendered":"SBDC at FIU helps Mia Senior Living Solutions secure future growth."},"content":{"rendered":"

Conchy Bretos has seen firsthand the difficulties that aging seniors living in public housing face when trying to access services, often becoming \u201colder and invisible\u201d while trying to retain some sense of independence.<\/p>\n

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Conchy Bretos<\/figcaption><\/figure>\n

She launched Mia Senior Living Solutions in 1995 as a consulting firm that aimed to help low-income elderly and disabled adults stay in their homes. Bretos quickly realized that the problem required a more direct approach. In 1998, she bought a senior-designated public housing\u00a0building from the City of Miami, renovated it and created the Helen Sawyer Plaza, an affordable assisted living center.<\/p>\n

Today, Mia Senior Living Solutions manages one senior living facility – The Marigold at 11th Street, which opened recently in Washington, D.C. Since its launch, the company has set up – handling preliminary work, licensing, leasing-up and in many cases temporary management \u2013 40 senior living facilities and adult day care centers in 23 states.<\/p>\n

\u201cOur company is a for-profit but also has a social impact,\u201d says Bretos.<\/p>\n

She admits that the road to success hasn\u2019t been easy. \u201cOne of the major problems that small businesses have is lack of capital for operations, to basically stay alive.\u201d<\/p>\n

SBDC helped Mia Living Solutions secure funds for new growth<\/em><\/p>\n

Last year was especially difficult for Mia Senior Living Solutions as several contracts ended. \u201cAll of a sudden you\u2019re missing $200,000 from your budget,\u201d says Bretos.<\/p>\n

Amidst the economic downturn, Bretos approached SBDC at FIU – Florida International University\u2019s small business development center – for help in securing a line of credit to give Mia Senior Living Solutions a larger footprint and expand the business.<\/p>\n

SBDC at FIU helps small- and medium-size businesses grow and succeed.\u00a0 The center\u2019s team of experienced experts provides quality business consulting to assist international expansion, financial management, marketing strategies and more.<\/p>\n

At SBDC, Bretos worked closely with Marjorie Weber, an SBDC business finance consultant. \u201cMarjorie went through incredible pains to find a financial institution that would work with us,\u201d she says.<\/p>\n

Bretos recalls that at one point she gave up, telling Weber that the only solution would be obtaining a home loan that she\u2019d use for the business. \u201cShe wouldn\u2019t have it\u2026 Marjorie is a true friend and partner,\u201d<\/p>\n

Then JPMorgan\u00a0Chase Bank came along. Through the SBDC at FIU, Mia Senior Living Solutions obtained a $35,000 line of credit and $57,000 in working capital.<\/p>\n

\u201cThe SBDC at FIU has been a lifesaver,\u201d Bretos insists. \u201cSmall businesses encounter major obstacles when they try to grow \u2013 you need capital to hire people, to travel, and for a multitude of things you need in place to take advantage of increased business.\u201d<\/p>\n

Would she recommend SBDC at FIU\u2019s consulting services to others?<\/p>\n

\u201cWe already have,\u201d says Bretos. \u201cSBDC can help you from day one.\u201d<\/p>\n