New owner purchases Music Street in Marshall
Local entrepreneur benefits from Southwest Initiative Foundation loan program
MARSHALL, Minn. – Music Street has been serving music education in Marshall and its surrounding communities since Lon Wright opened the store in 1985. When Wright decided it was time to retire, Music Street’s manager Zach Haltvick purchased the business with help from Southwest Initiative Foundation’s (SWIF) Microenterprise Loan Program. Haltvick took ownership in January of this year.
“I’m excited to carry on the legacy that Lon started,” said Haltvick, who joined Music Street’s staff as a bookkeeper and manager in 2016.
Music Street sells and services musical instruments and accessories, catering to school music education programs. The store specializes in band and orchestra instrument rent-to-own contracts for students.
Haltvick’s music background started in recording and sound. While he once dreamed of owning a recording studio, he’s made the switch to retail and enjoys being able to work with student musicians and getting to know the area bands and directors.
Loan proceeds from SWIF provided working capital for Haltvick in buying the business. Loan programs have been a key function of SWIF since its inception to support communities and businesses throughout southwest Minnesota. In 2001, microlending was added to existing programs as a tool to support small businesses and people looking for self-employment opportunities.
Microloan clients also receive free technical assistance from SWIF staff to improve their business management skills. Areas of support include business planning and financials analysis, QuickBooks training, marketing assistance and other training opportunities for the life of the loan.
“Business succession is a key part of keeping our small towns vibrant. We’re happy to help Zach take over ownership of this business so it can continue to support music in schools in southwest Minnesota,” said Jackie Turner, SWIF Economic Development Officer.
This microloan program receives funding assistance from the U.S. Small Business Administration and U.S. Department of Agriculture. For more information, contact SWIF by calling (800) 594-9480 or (320) 587-4848, or email loan department.