Our Story
We've Earned Your Confidence!
We have been serving our local communities since 1973 and we will continue to be here to serve you for many years to come.
Our Mission
LPI Loans will provide customized and exceptional lending services to our affiliates and to the residents of Iowa, South Dakota and the Illinois Quad Cities area. We will conduct business with integrity, and provide courteous and friendly service. If we cannot grant a first request loan we will work with our customers to guide them as to the steps necessary to make their needs and desires a reality. We will strive to help them get to Yes.
LPI Loans will provide a professional work environment for our employees. Through leadership and the establishment of policies and procedures we strive to maintain fair and equal lending. We will review priorities, progress, problems and concerns so that each office may function at optimal performance and profitability.
Foremost, we strive to build a personal relationship with each of our customers. We want to get to know your needs, your situation and what we can do to help you.
Timeline of Growth
1973: Lloyd's Plan Founded
Lloyd’s Plan, Inc. was founded by Lloyd K. Pottratz on March 31, 1973. Lloyd started his new company on Brady Street in Davenport, Iowa where we still reside today.
1992: Opened our 2nd location
With nearly 20 years of experience under our belts, we opened our second location in Clinton, Iowa on Lincoln Way in March of 1992. In March of 2006, we made the decision to relocate closer to our customers by moving to the downtown area on 4th Avenue South. When we outgrew that location, we found a new home not far away on the 6th avenue block, opening April 1st of 2022.
2001: Bought by Frank L. Farrar
On September 18, 2001, we were bought by Frank L. Farrar. A wonderful family man that kept our LPI team intact and continued the operations in the same manner that our LPI Loans customers have grown to expect! The Board of Directors appointed Sheri Wilford as President to oversee the daily operations. Sheri has been with the company since January 1985.
2004: Opened our 3rd location (First in Illinois)
For our 3rd location we crossed over the Mississippi into Moline, March of 2004, opening our first branch in Illinois. In 2020, due to unforeseen changes, we consolidated our Illinois branch with our Davenport, Iowa team, creating one big happy family under one roof!
2007: Opened our 4th location
We continued our growth by expanding into the Cedar Rapids area in January of 2007, opening our 4th location. The office was moved to Marion in 2011, but we outgrew that space and in 2018 we purchased a new building and moved our office back to Cedar Rapids.
2010: Opened our 5th location
During a visit to Muscatine, we discovered there were no finance companies to serve the needs of the Muscatine community and surrounding areas. In October 2010, we opened our 5th location in the Muscatine Mall. In December of 2015 we held a grand reopening after moving into our newly built office on Park Avenue.
2013: Opened our 6th location
For our 6th location, we headed west opening our newest office in the beautiful city of Des Moines, Iowa in December of 2013. We renovated an old bookstore on Merle Hay Road, where we still reside today.
2018: Opened our 7th location
We're excited to announce that LPI crossed the border into South Dakota. Our 7th branch was opened in November of 2018 in historic Sioux Falls! Lloyd's Plan SD, Inc. D/B/A LPI Loans Is a Subsidiary of Beresford Bancorporation, Inc. South Dakota is another state with underserved customers in the consumer finance world, and we were happy to step in and fill the gap.
2023: Celebrating 50 years in business!
We have been blessed to serve these communities and we owe it all to our wonderful customers (our reviews tell all!). We will continue to grow and practice the same principals that planted us where we are today. ♥