NEW YORK, April 2, 2020 /PRNewswire/ -- CIT Group Inc.
(NYSE: CIT) has provided critical financing for its client Aria
Designs to help it procure millions of advanced N95 surgical masks
that will protect medical professionals battling the COVID-19
pandemic.
Aria Designs, a North
Carolina-based furniture manufacturer and importer, is using
its global supply chain and manufacturers to supply the much-needed
protective masks. To help finance the order, Aria Designs turned to
CIT, which has long worked closely with Aria to finance its
furniture transactions.
"We explained the situation and CIT immediately said: 'Let's go.
How can we help?'" recalled Jeff
Arditti, CEO of Aria Designs in Lenoir, North Carolina. "That gave us the
confidence to go forward. CIT made it possible."
To date, Aria Designs has collected orders for more than 5
million masks from hospitals, medical practices and emergency
services across North Carolina.
Thanks in part to CIT's financing, the first masks are expected to
arrive in the coming days – with millions more to follow by
airfreight in the days and weeks ahead.
"Supporting clients is central to how we do business," said
Mike Hudgens, Southeast regional
manager for CIT's Commercial Services group, which finances
transactions on everything from furniture to fashion to
electronics. "When we learned of this opportunity to help our
client and join the fight against COVID-19, we jumped right
in."
About 150 people are employed by CIT in Charlotte, North Carolina, with the large
majority of them associated with the Commercial Services group
supporting the financial needs of consumer products companies that
sell furniture, apparel, housewares, electronics, toys, hardware
and much more.
"Financing that gets protective masks flowing to the healthcare
professionals who need them most is another example of how CIT's
expertise empowers businesses to make good things happen," Hudgens
said. "We're proud to have played a key role in financing the
delivery of surgical masks that will help stop the spread of the
coronavirus from patient to healthcare provider."
For Aria Designs, the quick pivot to importing surgical masks
has also allowed it to keep more of its workforce employed during
the retail shutdown. That benefits its workers and also helps keep
the local economy moving at a critical juncture.
But for Aria, it's primarily about helping protect the
healthcare workers who are tending to those affected by the
pandemic.
"It's our privilege to support the healthcare community in the
midst of this unprecedented emergency," Arditti said. "We're
grateful for CIT's financial expertise in making this
possible."
About CIT
CIT is a leading national bank focused on
empowering businesses and personal savers with the financial
agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a
financial holding company with over a century of experience and
operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC,
Equal Housing Lender). The company's commercial banking segment
includes commercial financing, community association banking,
middle market banking, equipment and vendor financing, factoring,
railcar financing, treasury and payments services, and capital
markets and asset management. CIT's consumer banking segment
includes a national direct bank and regional branch network.
Discover more at cit.com/about.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.