(CARSON CITY, Nev.) – In the first full month of the Small Business Administration’s Paycheck Protection Program (SBA PPP), Greater Commercial Lending (GCL), a wholly-owned subsidiary of Greater Nevada Credit Union (GNCU), has received authorizations for 5,360 applications from small businesses, totaling $566.4 million. 1,045 of those loans for $101.4 million have been for Nevada based businesses and 739 of them for $89.3 million were for entities in California. All told GCL has assisted companies and sole proprietors in 49 states, three U.S. territories and the District of Columbia.
“Our passion is to help our clients, members, and communities Live Greater,” said Wally Murray, president and chief executive officer of Greater Nevada Credit Union and Greater Commercial Lending. “That is why we immediately shifted the vast majority of our business lending operations to focus exclusively on SBA PPP loans once the program was released. It has been an intense and challenging time for us, but certainly far less so than for the businesses and employees affected by the COVID-19 situation.”
In response to the CARES Act, GCL has increased staffing and launched technological enhancements to simplify and streamline the PPP application process. The company has also expanded its relationships with third party partners to ensure PPP loans are funded in a timely manner. GCL has been working to help all applicants regardless of whether the company has an existing relationship with those businesses.
“It was very clear that small businesses in Nevada and across the nation, and the people they employ, need the benefit of these emergency loans to help them navigate the tough financial circumstances quickly brought on by the COVID-19 crisis,” said Murray. “So we knew we had to do all we could to assist them.”
To learn more, visit gncu.org/ppp or call GCL’s dedicated PPP hotline at (775) 886-1966.
Greater Nevada Credit Union (GNCU) is headquartered in Carson City, Nevada and has been helping Nevadans with their financial needs since 1949. The credit union serves more than 75,000 consumers and small businesses, has over $1 billion in assets, and is the largest community-owned financial institution domiciled in Nevada. GNCU’s subsidiaries include Greater Commercial Lending, Greater Nevada Mortgage and Greater Nevada Insurance. GNCU has been consistently recognized as a Best Financial Institution in many of its service areas, a top employer by the Reno/Tahoe Best Places to Work Awards, and is a three-time USDA National Lender of the Year. GNCU is also the title sponsor of Greater Nevada Field in Reno. For more information, call (800) 421-6674 or visit www.gncu.org.