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NV Credit Union processes $566M in PPP loans for businesses nationwide

Posted at 12:33 PM, May 05, 2020
and last updated 2020-05-05 19:20:49-04

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.

Of those loans, 1,045 of them are for $101.4 million 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.

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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.

To learn more, visit gncu.org or call GCL’s dedicated PPP hotline at (775) 886-1966