VRV Finances Chroma Technology Expansion

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Vermont Rural Ventures, Housing Vermont’s New Markets Tax Credit affiliate, has invested $4. 5 million in equity to finance the $22.2 million expansion of Chroma Technology Corporation in Bellows Falls.

Vermont Rural Ventures’ investment was provided through the Brattleboro Development Credit Corporation, the project sponsor, which will lease facilities and equipment to Chroma Technology. This new capital allows Chroma to expand its manufacturing facilities and acquire new equipment to better utilize space.

Chroma Technology, an employee-owned company, manufactures interference filters for the ultra-violet, visible and near-infrared portions of the spectrum.

Chroma Founder Paul Millman said, “We really need this expansion. It will enable us to streamline our operations, and expand our technical capabilities.

Low-cost New Markets Tax Credit financing from Vermont Rural Ventures, in partnership with the Massachusetts Housing Investment Corporation, will aid in retaining and building new jobs in Vermont. Other partners include: People’s United Bank, the Vermont Economic Development Authority, US Bancorp, Agency of Commerce and Community Development, and the Town of Rockingham.

The increase of workers and expansion of facilities will allow production capacity to meet the growing demand for its products. The majority of the 28 jobs to be created by Chroma are quality entry-level positions with minimal or no previous technical training required.

“The renovation and growth will create and maintain jobs in Bellows Falls where economic stability is needed for a labor market that is experiencing out-migration and high unemployment,” said Nancy Owens, president of Vermont Rural Ventures.

Vermont Rural Ventures has brought over $49 million in new capital to Vermont to invest in 15 economic development projects in low income areas throughout the state.

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