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.
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.