Press Release: MBF Provides Loan to Medical Equipment Solutions: A Certified Minority-Owned and Woman-Owned Business
Date: January 5, 2015
(305) 379-7070 Ext. 201
Just before the year-end of 2015, MBF provided a loan to Medical Equipment Solutions, a supplier of medical equipment and supplies, wheelchair rentals, oxygen tanks, and hospital beds. Located on 2749 Coral Way in the City of Miami, the company’s customer base includes Government agencies, hospitals, private healthcare companies and patients. The loan will assist the company with staffing needs and working capital to meet the demands of new Government contracts.
In pursuit of her entrepreneurial dream, Sandra Pineda, CEO and Owner, founded Medical Equipment Solutions in 1998. She decided to enter the health field, and specifically the medical equipment and supplies industry to help members in her community. The company started by providing medical equipment and supplies to patients through Medicare and insurance companies.
Lacking a background in the healthcare field and being a woman in a male dominated industry (the medical equipment and supplies industry), Sandra found it challenging to break into the market. Guidance from mentors in the field helped Sandra to grow her business despite these challenges.
Another continuous challenge, Sandra says, has been accessing capital. In 2015, Sandra participated in and graduated from the SBA Emerging Leaders Program and MBF’s Entrepreneurial Training Program. These programs opened up many new business opportunities and helped Sandra hone her business skills. The greatest part, Sandra says, was the information provided about financing opportunities. During MBF’s program, Sandra had the opportunity to speak directly with financing agencies and bankers and learn about what they look for in a business loan application.
Once the company started to bid for Government contracts in 2012, being a woman became an advantage. It allowed Sandra to certify her company as a an Economically Disadvantage Woman-Owned Business and a 8 (a) Minority-Owned and Woman-Owned Business which gave her access to Government contracts that have been set aside for this group of business owners.
In 2014, Medical Equipment Solutions was awarded a Department of Defense (US Army) contract valued at over $2 million over 30 months to supply a mobile MRI diagnostic machine and technical support staffing. With two Government contracts secured and a third to be signed in the upcoming months, Sandra is excited about expanding this side of the business.
While Sandra acknowledges that there is a lot of competition in the medical equipment and supplies field, she is confident that her company’s high-quality products and strong customer service coupled with new Government contracts will lead her company to continued growth and success. To read more about Medical Equipment Solutions Corp. visit their website and like them on Facebook.
Medical Equipment Solutions is one of the 40+ minority-owned companies that the MBF has provided a loan to in the past four years in an effort to advance economic development in the City of Miami. Other companies that have received loans from the Foundation include Panther Coffee, Sugar Yummy Mama, FAMA Publishing, Two Coats Painting, Miami Smokers, and Bunnie Cakes.
Minority entrepreneurs have limited access to funding and MBF aims to fill this the gap through the creation and administration of loan programs for minority businesses, through the creation of programs and educational scholarships for minorities, and by providing technical assistance to local organizations engaged in economic development.
MBF, a City of Miami-based nonprofit established in 1986, has awarded more than 500 scholarships to City of Miami minority students attending Miami Dade College, Florida International University, Florida Memorial University and Miami Dade Public High Schools. In the last four years is has also awarded forty-five loans to minority-owned businesses that have helped create more than 175 jobs in the City of Miami, and created partnerships that have helped train more than 160 City of Miami minority business owners.