Greater Nevada Credit Union Federal Small Business Funding
Reno Aces, Reno 1868 FC Share Support of Greater Nevada Credit Union
The State of Nevada ranked in the bottom tier of approved Paycheck Protection Program (PPP) loans stemming from $349 billion of Small Business Administration (SBA) coronavirus relief funds. The Reno Aces and Reno 1868 FC are sharing the community support Greater Nevada Credit Union (GNCU) is providing to Nevada-based businesses.
The first round of issued federal PPP funding closed due to the depletion of funds on April 16, but a second installment was approved on April 23. As a leader in financial lending, GNCU is continuing to accept PPP applications from all Nevada businesses.
“Like so many others, we are a small business who relies on community support for our livelihood,” said Eric Edelstein, president of Reno Aces and Reno 1868 FC. “In these times, we want to highlight the ways that our community lenders like Greater Nevada Credit Union can support small business by connecting our community to federal aid.”
“The biggest challenge that people have faced is that they started the PPP application process with a trusted financial institution only to be turned away a week later,” said Danny DeLaRosa, chief development officer for Greater Nevada Credit Union. “We believe in relationship-based lending and being there for the community. We are working hard to help Nevadans get through this difficult time.”
During the first round of funding, one out of every nine PPP applications completed in the state was processed by GNCU. The credit union has enhanced its system to process a Greater volume during this second round of PPP funding.
The Reno Aces and 1868 FC are committed to building a Greater Community because we are all in this together. GNCU is a trusted community partner that can be a resource to you.
About Greater Nevada Credit Union
Since 1949, Greater Nevada Credit Union has served Nevadans by helping members at all stages in life. One of the biggest ways GNCU has supported local businesses in recent months is through the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). As a local credit union, the GNCU staff takes the time to listen and find solutions for those looking for financial assistance. Learn more at gncu.org or call (775) 882-2060.
Small Business Administration
Created in 1953, the U.S. Small Business Administration (SBA) continues to help small business owners and entrepreneurs pursue the American dream. The SBA is the only cabinet-level federal agency fully dedicated to small business and provides counseling, capital and contracting expertise as the nation’s only go-to resource and voice for small businesses.
The SBA stopped taking applications from lenders once the original $349 billion was given to 1.6 million applicants in less than two weeks. However, with new funding approved, the SBA has begun accepting new applicants for the Payment Protection Program (PPP).
Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
The Federal Government approved the CARES Act to provide emergency assistance and health care response for individuals, families and businesses affected by the 2020 coronavirus pandemic. The $2 trillion stimulus package, the largest in U.S. history, became official on March 27, 2020 with $349 billion allocated to small businesses. As of April 16, GNCU had accepted more than 1,200 applications, totaling more than $125 million in funding for Nevada small businesses and continues to accept applications.
Financial Solutions for Small Business
The PPP loan is just one of the many ways Greater Nevada Credit Union (GNCU) is helping small businesses. GNCU takes a holistic approach to helping each and every applicant so ensure they have all the help they need. There are several other financial options available to small businesses including:
- Small business loans
- Credit Lines
- Loan Deferment
- Checking accounts
- Saving accounts
Learn more about Greater Nevada Credit Union commercial services here.
May 3, 2020 (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.