Greater Nevada Will Continue to Submit PPP Applications Through Extended Deadline of May 31
The PPP Extension Act of 2021 has extended the deadline for applicants to May 31, 2021
(March 30, 2021) - Congress has passed and the President has signed the PPP Extension Act of 2021.
This bill extends the original deadline for businesses and lenders to submit Paycheck Protection Program (PPP) applications to the Small Business Administration (SBA) from March 31, 2021, to May 31, 2021. This means there is still time for eligible businesses to apply for a PPP loan.
Greater Nevada Credit Union (GNCU) and our wholly owned subsidiary Greater Commercial Lending (GCL) remain committed to submitting as many qualifying applications to the SBA as possible. As of 12:00 PM on Monday, March 29, GCL has submitted over 1,750 successful PPP applications to the SBA for a total of over $106.6 million, $34.6 million of which has been allocated to Nevada businesses.
“These continue to be challenging times for businesses to navigate the re-opening process and recover from the economic damage caused by the pandemic,” says President and CEO Wally Murray. “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.”
The extension also grants an additional 30 days to the SBA to process applications, meaning if your application has not been processed by the deadline of May 31, the SBA has another 30 days to do so.
This bill carries all previous updates to the program from March 1 with it, including:
- New calculations of loan amounts for sole proprietors and contractors, likely resulting in higher potential loan amounts for these individuals.
- Restrictions for applicants with delinquent student loan debt are now waived.
- Restrictions for applicants with non-fraud-related felony convictions are waived.
- Some businesses owned by non-citizen residents are eligible.
In conclusion, there are still billions of dollars available in PPP funding for qualifying businesses impacted by the financial turmoil of the COVID-19 pandemic. To submit a PPP application and review the information and resources we have available, please visit our PPP Application page.
Greater Commercial Lending Recognized as #1 USDA Business & Industry Lender for 2020
(Dec. 21, 2020) - Greater Commercial Lending (GCL), a wholly-owned subsidiary of Greater Nevada Credit Union (GNCU), was recently recognized by the United States Department of Agriculture (USDA) as one of USDA Rural Development’s 2020 top commercial lending partners. GCL also ranked the highest in the U.S. for the USDA Business & Industry (B&I) Guaranteed Loan Program for 2020. GCL has consistently ranked as one of the top national USDA lenders year-after-year.
GCL partnered with USDA to obligate $295 million in rural communities during FY 2020. These investments helped 19 rural businesses acquire essential working capital through USDA’s Business and Industry (B&I) Loan Guarantee Program. Concurrently, GCL assisted or participated in an additional $157 million in loans from many of the top USDA commercial lending partners during the last fiscal year.
GCL also secured a record-breaking $205 million in obligated loans, a record previously held by GCL in 2018 at more than $136 million. The B&I program was designed to assist rural businesses obtain needed credit to help save and create jobs in America.
USDA Rural Lender of the Year in Louisiana
CARSON CITY, Nev. — On May 8, the U.S. Small Business Administration and Louisiana Economic Development organization recognized Carson City’s Greater Nevada Credit Union during the 2019 Louisiana Small Business Awards ceremony.
The event recognizes small business leaders “who exemplify the entrepreneurial spirit of Louisiana,” according to news release from LED announcing all the winners.
Jeremy Gilpin, Executive Vice President of Greater Commercial Lending for GNCU, won the 2019 USDA Rural Development Lender of the Year award. Todd Hubbell, Vice President of Commercial Production for GNCU, accepted the award on his behalf.
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Greater Commercial Lending (GCL) Closes $10 Million Loan for Underground Coal Mine
GCL, a subsidiary of Greater Nevada Credit Union, recently closed a $10 million loan to provide term financing for an underground coal mine in southeastern Kentucky using the Business & Industry loan guaranteed program. Click here to learn more
USDA Lender of the Year 2018
For the third year in a row, Greater Nevada Credit Union (GNCU) was named the National Lender of the Year by the United States Department of Agriculture (USDA) thanks to the efforts of GNCU's subsidiary, Greater Commercial Lending. In 2018 GNCU obligated more than $449 million in loans, all guaranteed by the agency’s programs, representing a nearly 400% increase over loan obligations from 2016. In Nevada alone, GNCU obligated $314,851,300 in guaranteed loans.
GCL lead lender for two new renewable diesel production facilities in Nevada
"Greater Commercial Lending (GCL), a wholly-owned subsidiary of Greater Nevada Credit Union (GNCU), is the loan originator to Ryze Renewables’ construction of two new eco-friendly biorefinery facilities being built in Nevada." Click here to continue reading.
GCL Names Jenny Casselman VP of Commercial Operations
Greater Commercial Lending (GCL), a wholly-owned subsidiary of Greater Nevada Credit Union (GNCU), has named Jenny Casselman its Vice President of Commercial Operations. Casselman is responsible for delivering strategic objectives related to the commercial loan servicing, secondary marketing, funding and investor efforts within GCL, which provides commercial lending services to entities across the nation. Click here to read the full release.
Hospital to add health clinic, make $4.2 million in repairs, improvements
Four years after a multi million-dollar renovation and expansion project to make Boulder City Hospital a more financially viable institution, the medical facility is about to embark on another project to bring much-needed health services to the community.
Last week, the U.S. Department of Agriculture announced it has funded a $4.2 million guaranteed loan for the hospital that will allow the facility to make repairs and improvements along with creating a rural health clinic, said hospital CEO Tom Maher.
Greater Commercial Lending (a subsidiary of Greater Nevada Credit Union) will administer the loan, with a 90 percent guarantee from the USDA. Click here to continue reading the news release from Boulder City Review.
Energy Programs Should Be Fully Funded and Enhanced in the 2018 Farm Bill
"There has been a keen focus the last few weeks for President Trump and the USDA with the release of the Task Force on Agriculture and Rural Prosperity Report, President Trump’s recent speech to the Farm Bureau, and the release from USDA of the 2018 Farm Bill and Legislative Principles..."
Read the complete article, co-authored by GCL's Executive Vice President, on Biofuelsdigest.com.
Credit unions fund largest ever USDA biofuel loan
"A consortium of credit unions, led by the $875 million Jefferson Financial FCU of Metairie, La., funded a $112.6 million loan guaranteed through the USDA Rural Development Biorefinery, Renewable Chemical and Bio based Product Manufacturing Assistance Program. The loan, which closed last month, is the largest to date for the USDA program, which assists in the development, construction and retrofitting of new and emerging technologies for advanced biofuels, renewable chemicals and bio based products.
CU Capital Market Solutions (CMS), an Atlanta-based CUSO, was the lead loan participation agent for the deal. The loan will be serviced by Greater Commercial Lending, a CUSO owned by the $825 million Greater Nevada Credit Union of Carson City, Nev."
Click here to continue reading on CUInsight.
Greater Nevada forms new Commercial Lending Company
Greater Nevada Credit Union (GNCU) is announcing the recent launch of a new wholly owned commercial lending subsidiary called Greater Commercial Lending.
Greater Commercial Lending is an expansion of GNCU’s nationally-recognized commercial services department. Click here to read the full press release.
Lending for a Greater Louisiana
As its name implies, Greater Nevada Credit Union (parent company of Greater Commercial Lending) tries to do a lot to stimulate the economy in the Silver State.
But the $729 million CU, based in Carson City, Nev., has an award-winning small business lending program that is booking loans in Louisiana – a state that is far from Nevada’s deserts and mountains in nearly every way.
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