Pelican State Credit Union, one of five credit unions in La. Offering P3 loans | Livingston / Tangipahoa

Pelican State Credit Union is one of five credit unions in Louisiana with the capacity to provide loans to the Small Business Administration to help businesses keep their doors open and continue to compensate their employees during the coronavirus pandemic, according to a press release.

The Paycheck Protection Plan is a loan designed to directly incent small businesses to protect their workers and continue to be compensated, the statement said. In addition, the credit union accepted 70 applications for Louisiana Economic Development Loans.

“When the stay-at-home order started, the volume of calls we received from small business owners was unlike anything we’ve ever experienced,” said Chandra Foster, Business Services Manager at Pelican, in the statement. “Our team worked day and night, but the joy the business owners expressed after hearing that their loans had been approved was worth every minute.”

Between the Payment Protection Program and Louisiana Economic Development Loans, Pelican’s Business Services team has funded over $ 5 million for 120 different businesses and assisted over 1,200 employees. Approximately 1,200 hours were worked in processing applications and loans, and 20 parishes in Louisiana were served. Pelican also received and answered questions from over 200 loan applications.

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