Over 1,000,000 business customers depend on CIT to provide the financing they need to run their businesses. And for more than 100 years, CIT has remained committed to the lending needs of the small and middle market – providing needed capital to markets that other larger and smaller financial institutions often don’t.
The current financial challenges in the market haven’t wavered our commitment to the businesses that count on us. To get a sense of the vital role CIT plays to small and middle-market businesses throughout the US, let’s look at the role it plays in two important sectors of the global economy.
The importance of CIT to the retail industry
CIT is a leading factoring company in the US. Factoring is a crucial part of ensuring the retail industry can fill their shelves with the products they sell. If, for example, a small dress manufacturer delivers a shipment of dresses to a retailer, CIT “factors” their invoice, taking on the responsibility of procuring payment from the retailer – providing them with the capital they need to continue their business. Factoring helps manufacturers maintain the capital they need to produce the products that US retailers need.
The importance of CIT to small businesses and middle market companies
According to the SBA, small businesses make up more than 99.7% of all employers and create 75% of net new US jobs. From 1999-2008, CIT was the #1 SBA 7(a) lender in the US. CIT was also the top lender to women, minorities, and veteran entrepreneurs from 2002-2007. CIT provides the vital capital that mid-size and small businesses – from private schools to restaurants to veterinary hospitals to manufacturers– depend on to keep their company’s dreams alive – including commercial real estate financing, construction loans, franchise financing, technology financing, equipment financing, leasing programs and more.