Evernorth Rural Ventures (formerly Vermont Rural Ventures) partnered with Massachusetts Housing Investment Corporation to provide $21.5 million in NMTC financing to expand production and office space and purchase new manufacturing equipment for Chroma Technology.
Chroma Technology, an employee owned and certified B Corporation headquartered in Bellows Falls, is a manufacturer of high performance optical filters used in medical and industrial sectors and employs 126 people worldwide.
In addition to NMTC financing, Chroma attracted financing from People’s United Bank as well as Vermont Economic Development Authority, Town of Rockingham, and Vermont Agency of Commerce and Community Development. The Brattleboro Development Credit Corporation also supported the project.
The newly reconfigured facility improved production and quality control. The increased production capacity allowed Chroma to meet its growing demand. As a result, Chroma will remain in Bellows Falls and will add approximately 28 jobs over the next five years.
“The completion of this expansion project is a major milestone for Chroma,” said Chroma President Paul Millman. “Our original building was just twelve years old, but already no longer large or modern enough to meet the evolving needs of our global customer base. We were committed to staying in Bellows Falls and ultimately opted to expand at our existing location, despite the challenges it presented, rather than pursue options outside our community. While it took some creativity and compromises to make it work, we now have a modern, lean manufacturing facility; one that will allow us to continue to serve the scientific and medical device communities that made our growth possible as well as accommodate Chroma’s future growth for years to come.”