New England Home Therapies
In 2000, three partners purchased the New England division of a national home therapy company and incorporated it as New England Home Therapies (NE Home). The new owners immediately reorganized the company, reduced staff and redefined the company’s services. NE Home now offers infusion and respiratory therapy, management consulting services, durable medical equipment and other home healthcare services, such as nutritional consultation. NE Home maintains a staff of approximately 160 with most operating from their main office in Southborough.
In 2000 the company financing NE Home’s receivables was shut down for embezzlement and forced into bankruptcy which forced NE Home to file for bankruptcy protection also. In order to repay their trade debt now and settle the bankruptcy proceedings completely, NE Home has asked a regional bank to refinance this debt and provide a working capital line of credit in support of the operations of the company. PCI will provide $500,000 in long term working capital and a $750,000 bridge loan while SBA guaranty approval is sought for a bank loan. These loans will allow NE Home to emerge from bankruptcy and continue providing important health services to the community as well as preserving jobs.
PCI Loan Amount: $1,250,000
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