Bellow Falls, VT (2017)

Chroma Technologies

NMTC financing ensures long-term financial viability of New England manufacturing firm

Investment

  • NMTC Amount: $21,531,701
  • Total Project Cost: $22,315,315

IMPACT

  • 22 FTE jobs
  • 138 construction jobs

Investor

Project Description

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 the Vermont Economic Development Authority, the Town of Rockingham, and the 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.”

MAP

Address: 10 Imtech Lane, Bellow Falls, VT 5101

Census Tract: 50025967000

PDF Profile

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