BURLINGTON, Vt. -
Harvie's company-Omni Measurement Systems-will soon be purchasing a building in Milton's Catamount Industrial Park and preparing the invention for production. Financing will come from the Chittenden Bank, the Vermont Economic Development Authority (VEDA) and Opportunities Credit Union.
Harvie - a 1983 University of Vermont College of Engineering graduate-invented, developed and holds the patent on a much-needed bladder relief system for Air Force pilots.
To fulfill present and future Department of Defense contracts, Omni needed to expand its production capabilities from its original site near the Burlington International Airport. The new facility in Milton will be outfitted to provide adequate space for current and future expansion and will generate 67 jobs in the community.
"I came to Opportunities with three other people for a small business loan," Harvie said. "We wanted to buy some machining equipment. We had all intellectual property and no assets and had been turned down by all the banks in town."
"They got involved where a lot of bankers wouldn't, and they got to know me," Harvie said.
Opportunities made a series of small loans to Harvie, assisted him in the needed equipment for the research and development of his project and established a line of credit that allowed him to see the project through.
"Mark was a creative guy who was being ignored by the system," said Caryl Stewart, CEO of Opportunities CU. "It is people like him who will grow Vermont's economy and create jobs if given the chance."
Stewart said they knew from experience Harvey was a good candidate for a loan.
"Mr. Harvey's first loan with us was for a car," she said. "He turned out to be a very good member. Months later, he came to us with this plan for an invention. No bank would even listen to him. When the banks turned him down, he knew he had a financial relationship with us. We listened to him. We saw a pretty small loan for someone who was pretty sound. At that time it was a very small loan. Dollar-wise it was not a big risk. I think it was under $10,000."
With that loan, Harvie was able to develop a prototype that would allow Air Force pilots to spend more hours in the air, Stewart said.
Later, Harvie came to the credit union with a contract from the Department of Research and Development.
"He needed more," Stewart said. "We began making larger loans with a guarantee of his work for the United States Air Force, until finally we gave him a line of credit."
Harvie has now reached a level of financing beyond Opportunities CU's capabilities. So, Chittenden and VEDA joined Opportunities CU in investing in the further growth of Harvie and Omni Measurement Systems.
"Several months ago it became clear he was going to go into production," Stewart said. "We talked to him and said, 'You're going to outgrow us.'"
The credit union then asked Harvie if he would be willing to let them help him find other sources of funding.
"We did research and determined what the best bank for him would be," Stewart said. "We also contacted VEDA. We put together a threesome. We reduced our commitment by about 100,000. He was our biggest loan at that point."
"VEDA was happy to help Omni Measurement Systems expand and create jobs for Vermont residents, said Jo Bradley, VEDA CEO.
"This company's story is a great example of how small businesses in Vermont can create positive impacts on a global scale."
But Harvie and Opportunities CU agree that the credit union was the critical organization in making it all happen.
"He couldn't have done it without us," Stewart said. "Lenders like us have a critical role to play in economic development. We're always done those personal loans for business purposes. I think almost every credit union has done those. Low-income people have ideas, too. They also tend to be a very creative part of society."
Stewart said that OCU has about $3 million of personal loans for business purposes on its books. "One of my favorites is a lady who teaches people how to make quilts," she said. "We call her 'the quilt lady.'"
