Submitted by Grow Muscatine
Lloyd’s Plan, Inc. (LPI Loans), owned by Frank L. Farrar Trust, is preparing to move into their own, new building later this month on Park Avenue, next to the recently opened Joseph Pack-N-Ship building.
LPI Loans President, Sheri Wilford, recalls that they “had a location in Muscatine back in the 90’s but had to close. I happened to be up in Muscatine and I noticed that there were only banks, credit unions, and payday lenders in Muscatine. There were no finance companies to service the needs of the customer that falls into that gap. We re-opened here in the Muscatine Mall in October, 2010. After five years and great success in Muscatine, we have made the decision to open our own building. We love the Park Avenue location and wanted to make ourselves a permanent home and a beautiful place to service the consumers of Muscatine and the surrounding areas.”
LPI Loans has been in business since March 31, 1973 was first founded by Lloyd K. Pottratz, a young man with a family to support and the desire to start his own company while helping others. He sold the company to Frank Farrar in 2001. Frank is also a family man and kept the heart of the company intact. “He allowed the Iowa staff to continue to run the business just as Lloyd always had,” added Wilford. “When he bought the company in 2001 we had two offices. Today, we have six.”
According to Wilford, “Muscatine is a great community and a population that we have been successful with. It’s large enough to support our business yet still has that nice small-town feel. We like to get to know our customers and build a relationship with them.”
The business offers small- to medium-sized consumer installment loans. “We are here to fill the financial needs of those that want a loan that might be too small for a bank yet without paying the high price of a payday loan. Our process is designed to make sure our loans are affordable to the consumer. We will match the term and payment with their budget. We are here to help people that need another chance and try to educate them on what they can do to improve their financial situation,” said Wilford.