Pelican State CU LENDS helping hand to Louisiana Small Businesses
BATON ROUGE, LA (July 29, 2020) — Pelican State Credit Union is honored to be one of the few financial institutions with the ability to offer Small Business Administration (SBA) Loans to help businesses keep their doors open and continue to compensate their employees during the COVID-19 pandemic.
Pelican is one of only five credit unions in the state of Louisiana that offered the Paycheck Protection Plan (PPP). The PPP is a loan designed to provide direct incentive for small businesses to protect their workers and continue compensation. Additionally, the credit union has taken 70 applications for Louisiana Economic Development (LED) loans.
The credit union’s dedication for having a “Heart for Service” shined during this time as its Business Services team processed more commercial loans than ever before.
“When the Stay at Home Order began, the call volume we received from small business owners was unlike anything we had ever experienced. Our team worked day and night, but the business owners’ joy they expressed after hearing that their loans had been approved was worth every minute. I am blessed beyond belief to be part of such a wonderful organization whose heart beats to help our communities,” explained Pelican Business Services Manager Chandra Foster.
Between PPP and LED loans, Pelican’s Business Services team funded over $5 million to 120 different businesses and helped over 1,200 employees. Approximately 1,200 hours were worked while processing applications and loans, and 20 Louisiana parishes were served. Pelican also received and answered questions for over 200 loan inquiries on top of this.
Pelican State Credit Union is proud to continue to stay true to its mission and serve its communities, especially through times of financial hardship.
For more information about Pelican’s business products click here, or email contact requests to BusinessServices@pelicanstatecu.com.
About Pelican State Credit Union
For over 60 years, Pelican State Credit Union has been providing financial services to individuals and their families throughout the state of Louisiana. The credit union is dedicated to improving the lives of its members through safe, competitive products and educational services. Pelican was originally chartered as the Department of Hospitals Credit Union, located in downtown Baton Rouge, to serve Louisiana charity hospitals, mental health centers, and state office personnel. They have since grown into the largest state-chartered credit union in Louisiana now serving over 60,000 members. For information, visit pelicanstatecu.com.
