Madison Music Foundry still hitting the right notes
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In 2011, the bank that held Madison Music Foundry’s loan was in the process of getting acquired by a larger bank and asked for early payment.
“They were looking to liquidate their small business loans, and they just told me, ‘Hey, we’re going to call your loan early, two years early, so it was just, that means I’m out of business. I can’t just fork over the last two years of my loan.”
Luckily, with the help of the Small Business Administration, WHEDA, and another local bank, Olson was able to get the business back on solid footing.
“I wasn’t just a number on a piece of paper,” said Olson. “The McFarland State Bank saw the business and the value of it to the community, and they said, ‘We believe in this, we’ll help you.’”
Of course, Olson’s own tenacity didn’t hurt.
“I refused to back down,” said Olson, “and it was just, I have made this commitment, and I’ve been doing it for five years, and this challenge [wasn’t going to stop me].”
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