This transaction highlights our progress in securing stable and low cost funding to support the small business and middle market sectors, which remain vital to the ongoing recovery of the U.S. economy
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that it has renewed its $1 billion committed U.S. Vendor Finance conduit facility, significantly reducing costs, increasing the advance rate and lengthening the term. The private facility supports CIT’s lending to small business and middle market companies and will allow CIT Vendor Finance to fund both existing assets and new originations.
“This transaction highlights our progress in securing stable and low cost funding to support the small business and middle market sectors, which remain vital to the ongoing recovery of the U.S. economy,” said John A. Thain, Chairman and Chief Executive Officer.
The committed revolving period of the facility now expires in March 2013 and the facility has a final maturity in 2020. Barclays Bank PLC continues to serve as Administrative Agent with three additional banks as committed lenders.
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Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35 billion in finance and leasing assets. It provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. www.cit.com