The front of the Premier Credit building, which is located at 139 Del Norte Ave, Denham Springs, LA 70726.
The staff of Premier Credit outside the front door of their retail location.
Data from the Bureau of Labor Statistics shows that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more.
This month, Premier Credit celebrates their 25th year in business.
When asked how success has been maintained over that time span, when most businesses would have sold or shuttered up, owner Robert Bergeron had but one word.
"Resilient," he said.
"We also innovate, a lot," his son, Ray, said immediately with a smirk.
"Yeah, well, that too," the elder Bergeron said with a chuckle.
While the responses were different, they symbolized what the father-son duo brings to the company on a daily basis. The elder Bergeron started Premier Credit in 1997 with a stock of cash using pen-and-paper. He has weathered hurricanes, floods, and pandemics to stay in business, while also finding ways to adapt to the ever-changing consumer landscape.
Part of that adaptation was bringing his son into the business to help him rise to the new direction and pace of the economy. Both men graduated from Live Oak High School, and it was in May of 2010 that Ray joined his father at Premier Credit, all-the-while attending college for a business degree.
While in school, Ray was able to receive valuable training and insight from on-the-job experience with his father. Those lessons? First, a lean business model with efficiency - something that has carried forward to today.
“We have five full-time employees and one part-time and that’s all we need,” Ray said. “If we need more, we’ll add more, because in the end it’s about our customers but right now we’re able to work the process efficiently.”
“We’re selective about who we hire,” Robert said. “In many consumer finance companies this size you’d have 10-12 employees, but the employees we have know how to get the job done.”
The second lesson was a much more firm one, a practice that both said had been lost in the consumer finance and credit world - customer service.
"It's what drives everything we do," Ray said. "We want the mom-and-pop feel, but better - more efficient, but a personal level of customer service that lets people know we are taking care of them."
According to Ray, that feel is something they've put into every part of the customer interaction, including their website. The office is designed with light colors to feel welcoming, and all employees are trained to smile and walk customers through the process whether on the phone or in person.
"We have a good team, a good staff," Robert explained, "we give out our cell phone numbers and some clients request SPECIFIC staff members, that's how good they are."
“The goal is to keep the customer first,” Ray said. “The system that we have in place from taking the application, to the review, to the approval, to the signature on the loan documents, to the check in the customer’s hand – there’s a complete system that he (Robert) put in place when he first opened his own financing office in the late 90s that makes it run so smoothly.”
“If it ain’t broke, don’t fix it,” Robert added. “We have an internal audit process where, yes, we do pull a credit report but we also look at some individuals personal records and ask a few questions. Sometimes those credit reports can dock people – we think – unfairly so we try to paint our own picture, because in the end it’s about helping the customer.”
Ray’s college education, however, allowed him to move past his father’s two mantras and add to the list. While Robert had been a member of several boards and community groups, Ray pushed him to be more public about his involvement with the community. Utilizing social media and their website to inform the populous and their customers about what they’ve accomplished.
“We’re both good, Christian men and want to give back,” Ray said. “We want people to know we’re involved.”
Premier Credit participates in a wide variety of community events, including the Sheriff's Christmas Crusade, the Assessor's Assess the Need campaign, and others.
There were some things Ray learned to enhance the business back-end, as well.
“He’s focused on the reports, the numbers – he knows how to break them down and analyze them better than I ever could,” Robert said. “That, and the marketing, have helped push this business to a new level.”
Ray was not satisfied, however. Why weren't they offering the ability to apply for a loan online? So, they did.
"It was another way for us to serve our customers as easily as possible," Ray explained. "Some people don't want to talk on the phone, or talk much, and that's fine!"
However, the digital landscape brought one more hurdle, one that's all-too-familiar for business owners in South Louisiana - disasters, and with them, loss of power or internet. To compensate? Ray took all of their files and information to a cloud-based system.
"We can service a loan anywhere," Ray explained, "even during a disaster. We can access the information and run a report anywhere."
"That's extremely valuable to our customers," Robert chimed in, "during times of great hardship, we look to help those individuals that come to us and to be a good community partner.
"That's never more true than during a disaster, it's like a floodgate opens every time."
In order to give back to those customers that have entrusted their lines of credit to the Bergeron's, the family will be offering a contest for interested parties.
This year, Premier Credit is offering a giveaway as part of the celebration of their 25 years in business. They are offering a 35lb sack of crawfish, crawfish pot with burner, crawfish paddle, multifunctional crawfish table, Igloo chest, and crawfish trays. How can you win? Head to Premier Credit's physical location to sign up, or visit their Facebook page! All you'll have to do there is like the post, share it, and tag three (3) friends.
Premier Credit offers consumer loans, up to $30,000, for just about any need. Car loans, back-to-school loans for books, small home loans – ‘anything you need, we’ll look.’ One of the biggest differences Robert sees since the time he opened is that more customers are opting for convenience.
“We still get walk-in traffic, but most people opt to begin the application on our website – premiercredit.com,” Robert said. The elder Bergeron wanted to encourage potential customers to give the application process a shot, whether online or in-person, because everyone has needs and his company wants to help individuals meet their goals.
Premier Credit is open on Monday through Friday, 8:30 a.m. to 5:30 p.m., and will service by appointment after-hours and on Saturdays. They can be reached by phone at 225-667-8100, or by e-mail wesayyes@premiercredit.com.
