PPP Success Story: Greater Nevada CU Processes $566.4 Million in Loans

Wally Murray
Greater Nevada CU CEO Wally Murray

From the start of the COVID-19 crisis, it was clear to Greater Nevada CU and its wholly owned subsidiary, Greater Commercial Lending (GLC),  that small businesses in Nevada and across the nation would need assistance to help them navigate through the tough financial circumstance brought about by the pandemic and economic fallout.

"So we knew we had to do all we could to assist them," said Greater Nevada CU and Greater Commercial Lending CEO Wally Murray. 

When the federal government launched the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), Greater Nevada CU and GCL set out to work.

“Our passion is to help our clients, members, and communities ‘Live Greater’,” Murray said. “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 the first full month of the program, Greater Nevada CU's GLC has received authorizations for 5,360 applications from small businesses, totaling $566.4 million. Of those, 1,045 (totaling $101.4 million) were have been for Nevada-based businesses and 739 (for $89.3 million) for entities in California. All told, GCL assisted companies and sole proprietors in 49 states, three U.S. territories, and the District of Columbia. 

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.

Among the businesses the credit union helped through GCL was All Pro Security. Owner Tim K called the experience with the credit union beyond his expectations. 

“I was currently not a customer and was searching for an institution that would help with the federal PPP loan," he said. "I submitted everything online and from start to finish your team has gone above and beyond and made this happen for my company. Not only myself but my employees have great thanks to give Greater Nevada CU for helping through these hard times. I will now be a customer for life.”

Many CUs Continue Providing COVID-19 Relief
According to weekly survey data collected by the California and Nevada Credit Union Leagues from late March to early May, credit unions in both states have accomplished the following for their members:

  • More than 483,000 members have been provided financial relief.
  • Nearly 500,000 extensions made on $12.8 billion in member loans.
  • Approximately $48 million provided in emergency loans to members.
  • More than 1.5 million fees waived for members.
  • About $1.07 billion employee/business loans made via the Paycheck Protection Program (PPP) loans from the SBA and Treasury Department’s federal relief program.

While credit union data in both states is still being gathered every week, the Leagues' ongoing COVID-19 Impact Survey continues to track how credit unions are assisting consumers during the economic fallout from the Coronavirus pandemic and which ones are participating in the SBA’s PPP funding efforts.

The data represents a great majority of credit unions in California and Nevada, but not all. The Leagues are encouraging credit unions every Monday to complete the survey by sending CEOs a link. The numbers continue helping the Leagues tell a powerful, compelling story about the impact credit unions are making in their communities.

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