Medical Supply Company Expands in Haverhill
MassDevelopment & Haverhill Bank Partner to Help Home Care Specialists Inc. Buy Building, Expand Operations & Create Jobs with $2.9 Million in Loan Financing
January 26, 2022
Matthew Mogavero, 857-248-0868
Brian Desmarais, Home Care Specialists, Inc., 978-360-6886
|Image of 63 Neck Rd. in Haverhill, courtesy of Home Care Specialists, Inc.|
HAVERHILL, Mass. – MassDevelopment has partnered with Haverhill Bank to provide loan financing to 63 Neck Road LLC, an affiliate of Home Care Specialists, Inc., which will use proceeds to buy a building at 63 Neck Rd. in Haverhill. Haverhill Bank provided a $2,925,000 loan, which MassDevelopment enhanced with a guarantee. Home Care Specialists, Inc., which currently leases a facility at 113 Neck Rd., is a supplier of respiratory therapy and home medical equipment. Buying and relocating to the building at 63 Neck Rd. will allow the company to reduce expenses and streamline its services in the new facility. The company expects to create an additional 10 full-time jobs and five part-time jobs in the next three years.
“The Baker-Polito Administration is committed to helping companies across the Commonwealth expand and achieve their business goals,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “MassDevelopment’s strong relationships with banks are key to delivering low-cost financing that helps businesses thrive.”
“By partnering with banks, MassDevelopment can create financing opportunities for companies that otherwise wouldn’t happen,” said MassDevelopment President and CEO Dan Rivera. “We are pleased to join with Haverhill Bank to support Home Care Specialists, Inc. as the company expands operations and creates jobs in the Gateway City of Haverhill.”
“We are thankful to MassDevelopment and Haverhill Bank for investing in this Haverhill company and its plan to expand to a larger building in Ward Hill and add 15 new jobs in the city,” said Haverhill Mayor James J. Fiorentini. “Home Care Specialists is the latest Haverhill company or project that MassDevelopment has invested in and my administration looks forward to many more successful partnerships with the agency as we continue to support local businesses and move Haverhill forward.”
“Haverhill Bank is excited to be part of Home Care Specialists continued growth,” said Haverhill Bank Vice President James Henebry. “HCS and their team have strong roots in the City. Supporting Haverhill and the surrounding area is a priority to the Bank. Working with great companies like Home Care Specialists and MassDevelopment makes the process that much more rewarding.”
Established in 1979, Home Care Specialists, Inc. is a family-owned and -operated home medical equipment and supplies provider that helps patients enhance their lives and find the right products for themselves and their loved ones. Home Care Specialists serves patients in four locations in Massachusetts, Maine, and New Hampshire.
“The support MassDevelopment provided made the purchase of our new facility a reality that would have been a challenge due to the 25% down payment required,” said Home Care Specialists, Inc. CEO Brian Desmarais. “This program allowed us to maintain our cash reserves for day to day operations as we continue to adapt to the new healthcare environment the pandemic has left behind.”
MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2021, MassDevelopment financed or managed 416 projects generating investment of more than $1.86 billion in the Massachusetts economy. These projects are estimated to create or support 6,578 jobs and build or preserve 1,909 housing units.