Owner has done more than make loans for young people
By KEVIN CHIRI
Slidell news bureau
SLIDELL – When Tim Purvis left the finance company he was working for in 2002 to start his own loan company he probably didn’t realize how many different ways he would end up helping people, especially younger individuals starting out who had little experience in operating their own budget.
Sure, lots of people need small loans, something Purvis Financial has been doing since opening its doors on Jan. 2, 2002—this month marks 20 years for Purvis working at his longtime location at 1324 Seventh St. in Slidell.
These days the smaller loan companies like Purvis Financial are especially important for many people who may not have perfect credit, especially since many larger banks seldom make small loans to consumers.
But as Purvis has survived the past 20 years through some very challenging times like Hurricane Katrina, COVID and Hurricane Ida, the 65-year-old business owner said he realized there was a lot more to his profession than making small loans.
“I think the success I’ve had for 20 years goes back to doing more than making a loan. From the time I got in the business I enjoyed the relationship with the people we were helping, and as years went by I realized I was using my experience in finance as a way to counsel them—especially young individuals or couples who had gotten into financial problems.
“Sure, my business is here to make loans, but I realized pretty early on that I had a knack for reading people and seeing who was really willing to do what it took to improve their situation. So over time I began to help a lot of our clients find a way out of their financial problems,” he said.
Purvis said he isn’t planning to retire anytime soon, but if he did, he would probably become a financial counselor since he knows that especially in today’s world there are too many young people who haven’t gained the knowledge about setting up a budget the way they should.
After graduating at Salmen in 1974, Purvis joined the U.S. Navy, returning to Slidell and trying several jobs, including one that had him detailing cars. If there was ever a story that proved his honesty it happened in those early years. While he was working on a man’s car he found a large roll of silver dollar coins under the seat.
“The man didn’t even know he had lost them and when I returned them he offered me the job at the finance company since he said it was clear I was honest,” he recalled.
He slowly moved up to become assistant manager, then manager of the company before deciding in 2002 that he could open his own business, one that has operated in Slidell for 20 years as of this January.
Like most small businesses, however, there have been serious challenges.
“We started out very well, but then in 2005 when Hurricane Katrina hit it was very difficult since so many people lost jobs, or were displaced. Phones and communication were down so it was hard to even find people to pay their monthly bill,” he said.
Purvis knew things were tough for many of his clients, so he offered a deal for them to only pay $25 a month interest on their loans until most got back on their feet.
He recovered from Katrina, as well as storms like Hurricane Ida that also made things difficult in his business, but he never could have imagined the challenges from COVID.
“When COVID hit people lost their jobs so they couldn’t pay their loan. Then all this money got sent out so we had loans paid off, but nobody needed to make any loans for quite a while,” he said. “It took over a year for things to finally get right again.
“It just shows that in every small business there will be ups and downs. You can’t ever stop working and trying to grow,” he said. “It’s the way it is in every business—if you keep working hard at what you do things will work out.”
When looking at 20 years of success in his own business, Purvis said the biggest key he sees is “trying to get to know people, not just sell them a loan. I’ve always done that and it’s why I try to counsel them about their finances. I see their entire history and can see where things have gone wrong so I try to help them get things right.”
He said that one big problem for many young people today is “wanting to have it all right now, rather than take things a step at a time. I tell so many of them they are trying to move too fast.”
“And I see a lot of young kids today that want to give up as soon as things get hard,” he said. “I try to tell them…pay your bills, and then if you have money left, then you can save a little or spend some. Today’s kids want it all so fast, rather than being patient.”
For more information about loans at Purvis Financial, call 985-645-0555.