Pelican State Credit Union Giving Locals a Hand Up Out of Poverty

SHREVEPORT, LOUISIANA – Highland Center Financial Ministries, a group of churches in the Shreveport community, partner with Pelican State Credit Union to offer short-term, low-interest loans to local residents who are generally unable to qualify for traditional loans looking to improve their financial situation.

Not a handout—these loans offer a "hand up" and require payback. Through community outreach projects, Highland Center Financial Ministries and Pelican State CU seek out individuals who are looking to build a future for themselves, most of the time with the desire to start their own business. Idea loan candidates strive for financial independence and simply need a hand up to get there.

Pelican State CU provides qualified Hand Up Loan applicants with fast approvals and a flat 9.99% Annual Percentage Rate, a rate far below what applicants may qualify for anywhere else. Highland Center Financial Ministries financially backs 50% of each loan amount and, once the funds are paid back, they are used to fund the loan of another deserving person.

From its inception in July 2013 to November 2016, the Hand Up Loan program directly provided 43 loans to Shreveport residents totaling over $80,450. Highland Center Financial Ministries recently received a $10,000 grant to directly support the program. These funds will be used to back even more loans in the future.

Pelican State CU employs a full-time, Nationally Certified Credit Counselor at its Shreveport branch located at 284 Southfield Road. Credit Counselor Heike Reagan meets with Hand Up Loan recipients at no cost to ensure they have the tools to make sound financial decisions.

Hand Up Loan recipient and Shreveport resident William routinely met with Reagan, and here’s what he had to say about his experience: “When one goes from homeless to better times, it’s not by chance. The very first time I sat down with my Nationally Certified Credit Counselor from Pelican State Credit Union, she began to put possible plans before me to help me achieve my goals. She helped me establish a budget, get approved for a loan and developed my confidence to make things happen. With her guidance, I was able to purchase a new house and a short while later I was able to purchase a vehicle. This would not be possible without Pelican State CU.”

For more information on Hand Up Loans and Pelican’s free credit counseling services, please contact Credit Counselor Heike Reagan at 225-408-6171, stop by 284 Southfield Road or email hreagan@pelicanstatecu.com.