PORTSMOUTH, N.H., July 25, 2017 /PRNewswire/ -- CIT Group Inc.'s (NYSE: CIT) digital small business lending business Direct Capital1 today announced it has been awarded the Equipment Leasing and Finance Association's (ELFA) 2017 Operations and Technology Excellence Award.
CIT Direct Capital is being recognized by ELFA for creating a business financing solution for a leading technology client that enables small business customers to shop for technology products online and complete the entire finance process typically in less than 30 minutes.
"We are proud to be recognized by ELFA for creating this innovative digital solution," said Steve Lankler, head of CIT's Digital Small Business Solutions. "This award is a great endorsement of our commitment to transforming the finance experience for our clients and the small businesses that they serve."
The Operations and Technology Excellence Award identifies and recognizes equipment leasing and finance companies that have demonstrated best practices in developing and implementing innovative uses of technology or creative business processes to improve operations, enhance customer interactions, enter new markets and build overall ROI.
"We congratulate all of our award applicants, who are a testament to the technology innovation underway in the equipment finance industry," said ELFA President and CEO Ralph Petta.
The winners were selected by a subcommittee of ELFA members and will be showcased during ELFA's Operations and Technology Conference, September 11-13 in Charlotte, N.C.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $50 billion in assets as of June 30, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A.
The Equipment Leasing and Finance Association (ELFA) is the trade association that represents companies in the $1 trillion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its 580 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers. For more information, please visit www.elfaonline.org.
© 2017 CIT Group Inc. All rights reserved. CIT and its logo is a registered trademark of CIT Group Inc.
1 CIT and Direct Capital are registered trademarks of CIT Group Inc. and CIT Bank, N.A. Direct Capital is a division of CIT Bank, N.A., member FDIC.
SOURCE CIT Group Inc.