Credit union operators said the commitment to assist small businesses continues in the wake of the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) being signed by President Joe Biden.
More than 840 credit unions nationwide are presently serving small businesses seeking to survive during the current round of PPP and economic recovery, facilitating nearly 121,000 loans worth approximately $4.6 billion.
Authorities cited the efforts of Greater Commercial Lending, a subsidiary of Carson City, Nev.-based Greater Nevada Credit Union, which has funded more than 1,750 PPP applications through the SBA for a total of more than $106.6 million. Per officials, $34.6 million of those funds have been allocated to businesses within Nevada.
“Greater Commercial Lending is planning to keep our application process open through the new deadline or until funding runs out,” Greater Nevada Credit Union President and CEO Wally Murray said. “These continue to be challenging times for businesses to navigate the re-opening process and recover from the economic damage caused by the pandemic. It is critical that this vital relief reaches owners fighting for both the livelihood of their businesses and the financial well-being of their employees.”
CARE Chest of Sierra Nevada, a nonprofit organization, is among those helped by Greater Commercial Lending.
“There’s no reason not to apply,” CARE Chest of Sierra Nevada Executive Director Anne Schiller said. “Once you receive the finding, you can prove you can utilize the loan the way it was meant to be used, and you send in all the proper documentation, your loan is forgiven. It’s easy and quick. Greater Nevada was wonderful to work with and very responsive.”