Large commercial lending boosted PPP lending the most of all U.S. credit unions

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9,178 GCL loans helped save 76,366 jobs nationwide during the pandemic

RENAULT, Nev., June 23, 2021 / PRNewswire / – Greater Commercial Lending (GCL), a subsidiary of Greater Nevada Credit Union (GNCU), has provided PPP loans totaling USD 737.7 million USA throughout 2020 and 2021 for small businesses and non-profit organizations in all 50 states and six US territories. This is the largest PPP amount from any credit union or subsidiary of a U.S. credit union, according to data published by Credit Union Times.

Extended commercial lending

Extended commercial lending

During two rounds of government-guaranteed PPP lending, GCL provided 9,178 loans, on average approximately 80 USD, 400 pcs. These efforts have resulted in 76,336 jobs saved across the country. Overall, the US Small Business Administration (SBA)-administered PPP initiative, the COVID-19 economic disaster relief program, has expanded to include $ 798 billion in funding of 8.5 million organizations in the United States. The program has stopped accepting applications for June 1, 2021

“Our main goal at Greater Commercial Lending is to help businesses and organizations in low-income and rural communities and improve their quality of life. When the pandemic broke and when the PPP started, our team members stayed up all night to get to work as soon as possible. and as wide as possible. We didn’t want to reject any legitimate application, so we worked hard to make the process as smooth as possible for candidates from different countries. I am very proud of our team and their dedication to the implementation of the program at GCL, “said Jeremy Gilpin, executive vice president of GCL.

“From conversations with our clients and our partner organizations, I know how PPP loans are offsetting so much economic suffering caused by COVID. These funds not only saved the business, but also preserved the livelihoods and dignity of employees, ”he added.

GCL is a lending institution that brings together credit unions and local banks throughout the United States to provide government-guaranteed loans to businesses and initiatives in rural and underserved markets. In addition to PPPs, GCL partners with the SBA and the United States Department of Agriculture (USDA), which guarantee loans, to arrange lending to legal entities on favorable terms.

“Throughout the PPP initiative, the partnership between Greater Commercial Lending and its parent company, Greater Nevada Credit Union, has demonstrated the true power of passion-driven collaboration. As a result, at a time when business owners regularly became disenchanted with the institutions where they ran their financial business for years, GCL was able to help them literally help save their business. It is this commitment to doing what is right that has fueled our success in making meaningful nationwide impact on behalf of thousands of businesses and their employees, ”said Wally Murray, President and Chief Executive Officer of the Greater Nevada Credit Union.

Credit unions and their subsidiaries have played an important role in the ability of PPPs to keep businesses open and the people in their workplaces during the pandemic. We are grateful that Greater Commercial Lending helped lead the gathering and set the standard to advance the mission and reach the program to deserving small businesses and non-profit organizations, “said Joseph Amato, District Director at the SBA Nevada Office.

Cashman Photo based on Las Vegas the economy, which has been particularly hit by the pandemic, is the largest privately-owned photography and multimedia company in the country. He faced serious problems.

“The PPP came at the right time for us because we have over 450 employees and the ability to bring them back when things start to pick up has allowed us to move forward in our business as there was no revenue to actually meet the payroll,” said Robert Dolan, Executive Vice President and Chief Executive Officer of Cashman Photo on behalf of the owner Karen Cashman… “It was easy to navigate and the correspondence was fast and efficient. The whole process was relatively easy for us, which allowed us to focus on our business and not waste time filling out forms. “

Now that the PPP has ended, GCL continues to work with a significant number of these clients to continue to provide support, guidance and government-guaranteed loans, as appropriate, according to GCL’s Gilpin.

About large commercial lending
Extended commercial lending (GCL) is a lending institution that brings together credit unions and local lenders throughout the United States to provide government-guaranteed loans to businesses and initiatives in rural and underserved markets throughout the United States and its territories. It helps fund key infrastructure services such as electricity, renewables, transportation and fiber optics, as well as schools, hospitals, restaurants, agriculture, hotels and manufacturers. GCL partners with the United States Small Business Administration (SBA) and the United States Department of Agriculture (USDA), which guarantee loans to arrange loans on favorable terms.

About Greater Nevada Credit Union
More Credit Union of Nevada (GNCU) headquartered in Carson City, Nevada and has been helping Nevadans with their financial needs since 1949. The credit union serves over 80,000 consumers and small businesses and has over $ 1.5 billion in assets. GNCU subsidiaries include Extended commercial lending, Greater Nevada Mortgage, as well as Greater Nevada Insurance… GNCU has consistently been recognized as the best financial institution in many service industries, as well as the best employer by Reno/ Tahoe Best Places to Work Awards and is USDA’s Lender of the Year. GNCU is also the title sponsor of Greater Nevada Field at Reno… For more information call (800) 421-6674 or visit www.gncu.org

Media Contact:
Hannah Johnston
Allison + Partners
hannah.johnston@allisonpr.com
+1 (623) 201-5562

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