- Project Sponsor: Brattleboro Development Credit Corporation
- Investment: $14 million
- Location: Rockingham, VT (Bellows Falls)
- Manufacturer expansion and equipment purchase
Vermont Rural Ventures partnered with Massachusetts Housing Investment Corporation to provide $21.5 million in New Markets Tax Credit financing to expand production and office space and purchase new manufacturing equipment for Chroma Technology. Chroma Technology, an employee owned and certified B Corporation, is a manufacturer of high performance optical filters used in medical and industrial sectors and an employer of 126 worldwide. Bellows Falls is its headquarter location.
Gap and Investment
Chroma attracted $7 million in financing from People’s United Bank as well as $1.5 million from the Vermont Economic Development Authority, $100,000 from the Town of Rockingham, and $1.9 million from the Vermont Agency of Commerce and Community Development. Despite the funds and Chroma’s own equity, the appraised real estate values, development costs, and large equipment needs of the precision manufacturer resulted in a substantial gap in funds and the need for NMTC financing.
With this expansion, the facility will be reconfigured resulting in better utilization of space for improved production, efficiencies, and quality control. The increased production capacity will help Chroma meet its growing demand. As a result, Chroma will remain in Bellows Falls and add approximately 28 jobs over the next five years. Chroma helps to provide economic stability in Bellows Falls where the labor market is experiencing out-migration and high unemployment. A majority of the new jobs are entry-level positions with no degree or formal technical training required for employment.
Vermont Rural Ventures: Beth Boutin
Business: Chroma Technology
Legal: Downs Rachlin Martin PLLC, Nolan Sheehan Patten LLP, Stinson Leonard Street, Dinse, Knapp & McAndrew, P.C., Dunkiel Saunders
Accounting: CohnReznick LLP
Architect: TruexCullins Architecture
Civil & Structural Engineer: VHB
Construction Manager: Bread Loaf Corporation
U.S. Bancorp Community Development Corporation
Massachusetts Housing Investment Corporation
People’s United Bank
Vermont Economic Development Authority
Vermont Agency of Commerce and Community Development
Town of Rockingham
Brattleboro Development Credit Corporation