CIT RANKED NUMBER ONE SBA LENDER TO WOMEN, VETERAN AND MINORITY ENTREPRENEURS FOR FIFTH CONSECUTIVE YEAR
NEW YORK – January 3, 2008 – CIT Group Inc. (NYSE: CIT), a leading global commercial finance company, today announced that CIT Small Business Lending Corporation was ranked the number one Small Business Administration (SBA)
7(a) volume lender for the fifth consecutive year to women, veteran and minority-owned businesses.
The ranking is based on the 7(a) loan volume for the 2007 SBA fiscal year (October 1, 2006 to September 30, 2007). According to the SBA, CIT provided
$236 million in 7(a) loans to 426 minority-owned businesses.
“I am very proud of this distinction, which positions CIT again this year as the preeminent SBA financing partner to women-, veteran- and minority-owned businesses,” said Christine Reilly, President of CIT Small Business Lending.
“We value our relationships with small business owners, and we will continue to partner with our customers to craft solutions that help them succeed. We remain steadfast in our commitment to provide the capital and advisory services that these entrepreneurs need in order to start and expand their businesses.”
The 7(a) loan program is a popular SBA program offering up to 10-year fully amortized loans, which can mean lower monthly payments for the borrower.
Proceeds from the 7(a) program may be used for most business purposes including the purchase of commercial real estate, equipment, inventory, construction, renovation or leasehold improvements and working capital.
CIT Small Business Lending is consistently cited as an advocate for small businesses. It was recently named the number one overall SBA 7(a) lender for the eighth consecutive year.
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About CIT Small Business Lending
CIT Small Business Lending has been the nation’s number one SBA 7(a) lender for the last eight consecutive years. Designated as a “Preferred Lender” by the SBA because of its strong historical record, it offers loans to finance business acquisitions, owner-occupied real estate purchases, franchises, and medical and professional practice start-ups. www.smallbizlending.com
Founded in 1908, CIT (NYSE: CIT) is a global commercial finance company that provides financial products and advisory services to more than one million customers in over 50 countries across 30 industries. A leader in middle market financing, CIT has more than $80 billion in managed assets and provides financial solutions for more than half of the Fortune 1000. A member of the S&P 500 and Fortune 500, it maintains leading positions in asset-based, cash flow and Small Business Administration lending, equipment leasing, vendor financing and factoring. The CIT brand platform, Capital Redefined, articulates its value proposition of providing its customers with the relationship, intellectual and financial capital to yield infinite possibilities. CIT will celebrate its Centennial beginning February 11, 2008. www.cit.com.
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CIT MEDIA RELATIONS
C. Curtis Ritter
Director of External Communications
& Media Relations
CIT SMALL BUSINESS LENDING:
Vice President of Marketing
CIT INVESTOR RELATIONS