BATON ROUGE, La.— Pelican State Credit Union recently provided relief to 39 borrowers, paying off a total of $300,000 worth of their personal debt, the CU reported.
“The Pelican Pays Debt Program is a deeper commitment to the promise that it pays to be a Pelican member,” the credit union said.
The organization added the program is one of the many ways it is fulfilling its mission to make a difference in its communities.
Pelican developed the program thanks to its Community Development Financial Institution (CDFI) designation and grant funding, the CU said.
Six hundred twenty-nine applicants submitted requests for debt relief. The recipients were chosen by an internal committee based on eligibility requirements set forth by the CDFI grant program.
In addition to paying off their debt, the recipients are meeting with Pelican's Nationally Certified Credit Counselors to determine the most beneficial way to pay their debt and set them up for financial success.