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. Some 1,045 of those loans for $101.4 million have been for Nevada based businesses; 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.