Small Business Finance News
CIT Helps SMBs Get More Loans For Less
Written by Jenna Weiner
CIT Group will boost SMB lending.
It may be good news for small business owners that they could save some cash while trying to get a loan. CIT Group has announced that it will waive fees for the next three months on all approved Small Business Administration loan applications.
CIT Group, which recently declared bankruptcy but is now undergoing reorganization, will waive the $1,000 packaging fee that comes with loan applications in an effort to establish itself as a top commercial lender. The fee waiver, already in effect, will last through March 10, 2010. Additionally, CIT Group will commit $500 million to support SMB lending operations next year.
"The small business sector remains a key driver of job creation in America," said Chris Reilly, president of CIT small business lending. "These recent announcements reflect our commitment to bringing much needed credit to this sector, and to helping small businesses access the capital they need to weather this difficult economic environment."
Helping small businesses could help the economy. CIT Group reports that SMBs employ nearly 59 million Americans today and collectively account for more than half of America's non-farm private gross domestic product. Moreover, the SBA reports that small businesses are expected to drive job recovery, having provided 64 percent of new jobs over the past 15 years.
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