Home Care Specialists is adding jobs and expanding its footprint in Haverhill’s Ward Hill Business Park with the purchase of a larger building.
The supplier of respiratory therapy and home medical equipment will move from leased space at 113 Neck Road to an existing building it bought at 63 Neck Road. Haverhill Bank provided a $2.9 million loan, which was guaranteed by MassDevelopment, the Commonwealth’s economic development and finance agency. The purchase allows Home Care Specialists to reduce expenses and streamline its services. It expects to create an additional 10 full-time jobs and five part-time jobs over the next three years.
“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 is a family-owned and operated home medical equipment and supplies provider that helps patients and their families find the right products. The company 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 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.”
Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s board of directors, explained, “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.”
Haverhill Mayor James J. Fiorentini thanked MassDevelopment and Haverhill Bank for helping the company “expand to a larger building in Ward Hill and add 15 new jobs in the city.”