CARSON CITY, Nev. – Greater Commercial Lending (GCL), a wholly-owned subsidiary of Greater Nevada Credit Union, is reporting that in the first full month of the Small Business Administration’s Paycheck Protection Program, it received authorizations for 5,360 applications from small businesses, totaling $566.4 million.
Of that amount, some 1,045 of those loans for $101.4 million have been for Nevada based businesses, while 739 loans for $89.3 million were for entities in California. All told, GCL said it 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 CEO of Greater Nevada Credit Union and Greater Commercial Lending, in a statement. “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, which created the PPP, the CUSO reported it has increased staffing and launched technological enhancements to simplify and streamline the application process. The company said it has also expanded its relationships with third-party partners to ensure PPP loans are funded in a timely manner.
Adding More Businesses
GCL added it 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.”
Florida CU Reports $15M in PPP Loans
In Tampa, USF Federal Credit Union said it has been able to help more than 2,400 employees of small businesses in the Tampa Bay area continue to get paid by having processed more than $15 million in PPP loans.
“The credit union sis gratified to be able to help small businesses and their employees in these challenging times,” said USF FCU President/CEO Richard J. Skaggs. “This exemplifies exactly what the credit union is all about; giving back to our members and our communities.”
To date, USF FCU said it has had more than 335 PPP loans approved through the Small Business Administration, with much of the funding going to small businesses that provide professional, scientific and technical services, along with businesses working in healthcare and social services.