CIT Executive Spotlight Focuses on Small Business Challenges and Opportunities in 2010

NEW YORK--(EON: Enhanced Online News)--Despite prior stimulus programs, many small business owners are still finding it difficult to secure funding to operate their businesses, and they continue to struggle for survival according to Chris Reilly, President of Small Business Lending for CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies. That’s one of the important insights presented by Reilly in the latest installment of the CIT Executive Spotlight series, in-depth one-on-one interviews with CIT executives that offer knowledge and guidance for the industries CIT serves.

“We strongly support this legislation. There is broad consensus that passage of this bill is necessary to help small businesses — and our economy — rebound in 2010, and should result in more than $5 billion in increased SBA lending this year”

Commenting further on the challenges small business owners are facing in securing financing Reilly observes, “Small businesses require specialized financing products and solutions, and many banks — from large multinationals to smaller banks — cannot or will not invest in the expertise necessary to profitably lend to this market. CIT is one of the few banks that remains dedicated to this market as we have the expertise to understand the needs and effectively evaluate the risks associated with lending to small business owners.”

This installment of the Executive Spotlight also includes Reilly’s perspective on the proposed Small Business Job Creation and Access to Capital Act of 2009. “We strongly support this legislation. There is broad consensus that passage of this bill is necessary to help small businesses — and our economy — rebound in 2010, and should result in more than $5 billion in increased SBA lending this year,” said Reilly. “The major provisions of the Act include more than doubling the loan size limits, eliminating all borrower fees, increasing the government guarantee percentage, and allowing for the refinancing of short-term commercial real estate loans. We believe that this legislation, if enacted quickly, should provide strong incentives for lenders to put their capital back to use in the small business sector.”

U.S. small businesses have a significant impact on the American economy. They employ nearly 59 million Americans — approximately half of all private-sector jobs. Small businesses constitute approximately 97 percent of all identified exporters and produce approximately 29 percent of the known export value. Further, small businesses collectively account for more than half of the United States’ non-farm private gross domestic product.

About CIT Small Business Lending

CIT Small Business Lending is a leading SBA 7(a) lender and was designated as a "Preferred Lender" by the SBA because of its strong historical record. It primarily offers loans to finance owner-occupied real estate purchases, franchises, medical and professional practice start-ups, and business acquisitions. www.smallbizlending.com

About CIT

CIT (NYSE:CIT) is a bank holding company with more than $60 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination of relationship, intellectual, and financial capital to its customers worldwide. CIT maintains leadership positions in small business and middle market lending, retail finance, aerospace, equipment and rail leasing, and vendor finance. Founded in 1908 and headquartered in New York City, CIT is a member of the Fortune 500. www.cit.com

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