FOR IMMEDIATE RELEASE
June 25, 2010

ESSEX COUNTY EXECUTIVE DIVINCENZO AND BLOOMFIELD MAYOR MCCARTHY ANNOUNCE THE GRAND OPENING OF THE SYMBEO HEALTHCARE FACILITY

BLOOMFIELD COMPANY RECEIVES FUNDS FROM
ESSEX COUNTY ECONOMIC DEVELOPMENT CORPORATION
MICRO LOAN PROGRAM

Healthcare facility will offer unlimited access to general healthcare services to lower income and underinsured residents and employees

Bloomfield, NJ – Essex County Executive Joseph N. DiVincenzo, Jr. and Bloomfield Mayor Ray McCarthy announced the grand opening of Symbeo, a start-up healthcare facility located at 549 Bloomfield Avenue in Bloomfield. The Essex County Economic Development Corporation provided $100,000 from its Micro Loan Program to assist Symbeo with its start up costs.

“The EDC’s Micro Loan Program provides vital resources to individuals looking to start a business and for local businesses that are already established,” said DiVincenzo. “The addition of new businesses throughout our communities and business districts helps spur economic development and provide businesses with resources to create new jobs and helps stabilize local tax bases,” he added.

“Symbeo is an important link to the community, especially those that are currently uninsured. Symbeo’s focus on affordable access to healthcare provides a unique opportunity for this community,” said NJ Assemblyman and Freeholder Vice-President Ralph Caputo. Also attending the grand opening was Assemblyman Thomas Giblin.

“Symbeo’s model represents an advance in healthcare for those who need coverage. This model fits the niche in the Bloomfield community where people either have no insurance or are underinsured due to rising costs and job cutbacks,” said Bloomfield Mayor Ray McCarthy.

“Symbeo is a concept whose time has certainly come. On behalf of the EDC of Essex County, we are delighted to have provided funding for this ground-breaking endeavor. We wish them every success in their efforts to meet the needs of the medically underinsured and uninsured in the County of Essex,” said Essex County Economic Development Corporation Executive Director Deborah E. Collins, Esq.

Symbeo received a $50,000 loan from the Essex County Economic Development Corporation’s Micro Loan Fund and has been approved for an additional $50,000 loan subject to achievement of specified performance goals. Funds from the Micro Loan Program were used to help complete site renovations, purchase medical equipment, furniture, fixtures and provide working capital.

Symbeo is a start-up venture that will focus on delivering general health care services to consumers who are uninsured, underinsured or paying high health insurance premiums. Instead of billing patients through health insurance providers, plan participants will pay a $40 monthly subscription fee for unlimited access to the Symbeo medical staff, which will provide affordable basic healthcare and reduce the healthcare costs for those who use the Symbeo subscription plan in conjunction with traditional major/catastrophic medical insurance coverage.

“We are extremely excited about bringing this new healthcare concept to Bloomfield. We have been getting a phenomenal response and we are eager to increase our relationships within the community as we play our small part in making the healthcare system better,” said Symbeo Principal Eduardo Cisneros. “We promise to offer quality healthcare at an affordable price. We appreciate the support from Essex County Executive Joseph N. DiVincenzo, Jr., the Essex County Economic Development Corporation, Mayor Raymond McCarthy and the Township of Bloomfield and the Chamber of Commerce,” added Symbeo Principal Axel Lapica.

The EDC is a private, not for profit corporation that was established in 1982 to promote economic growth and the creation of job opportunities for predominantly low to moderate income persons in the County of Essex by providing technical and financial assistance to existing and start up businesses, as well as not for profit organizations that are based in Essex County. Technical assistance includes, but is not limited to, the preparation of business plans and site search assistance. EDC provides business loans for up to $100,000, and works with area banks and other economic development agencies to secure additional funding for local businesses, however, the borrower must demonstrate the ability to service debt obligations and create job opportunities for low to moderate income persons. The EDC also works closely with the Essex County Office for Small Business Development and Affirmative Action (SBDAA) to facilitate the ability of minority and women owned businesses to pursue economic opportunities in Essex County.

To learn more about how the Essex County Economic Development Corporation can help your businesses grow and expand, please call (973) 621-4454.