Mimi Market Inc. Secures $15,000 Grant Through BusinessSource Assistance
Pedro, owner of Mimi Market Inc., a neighborhood retail and liquor store in Sylmar, received technical assistance in strengthening his business. After operating his business successfully for approximately 15 years, Pedro faced challenges due to incomplete and inaccurate financial records left by a previous bookkeeper. He also had a vision of opening a second store but needed guidance to evaluate the financial feasibility of expanding and identify funding opportunities.
The North Valley Business Source Center provided Pedro with a wide range of business services to help stabilize and grow his business. The Center assisted by reviewing his Profit and Loss Statement and cash flow analysis, reviewed his financial performance, and provided bookkeeping and accounting resources. In addition, the Center assisted him with business planning, regulatory compliance by reviewing his licenses and permits, and digital marketing support through the LA Optimized 2.0 Program, which will strengthen his online presence through website development, search engine optimization, and social media branding. As part of its Access to Capital services, the Center worked closely with Pedro to prepare and package applications for multiple funding opportunities, including the DEO Small Business Resiliency Grant and the Microenterprise Recovery Grant.
Throughout the application process, staff provided one-on-one technical assistance by reviewing documentation, ensuring eligibility requirements were met, completing application packages, and following up with the client until a funding decision was reached. The Business Source Center's continued support resulted in Pedro being awarded and funded with a $15,000 Microenterprise Recovery Grant. The funding enabled Mimi Market to improve cash flow, pay operating expenses, and invest in the continued growth and stability of the business. Most importantly, the grant helped the business retain an employee who otherwise may have been laid off due to financial challenges. Pedro expressed his appreciation for the ongoing guidance and technical assistance he received throughout the process, crediting the support provided by the North Valley Business Source Center for helping position his business for long-term sustainability and future expansion.
