NEW YORK, June 8, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Asset-Based
Lending business served as agent and sole lender on a loan and
revolving credit facility for GEE Group Inc. (NYSE American: JOB),
a leading provider of professional staffing services and human
resources solutions. Proceeds from the financing will be used to
pay off existing debt and for general working capital purposes.
GEE Group, based in Jacksonville,
Florida, is a multi-brand national staffing and recruiting
firm providing services in the IT, legal, engineering, finance and
accounting, healthcare and industrial verticals delivered from two
business divisions, professional and commercial.
"We appreciated CIT's expertise in arranging this asset-based
financing to support our working capital needs and help fund GEE
Group's growth strategy," said Derek
Dewan, Chairman and CEO of GEE Group. "This financing
represents another milestone in our ongoing effort to build our
business while ensuring our financial position and balance sheet
remain on solid footing."
"We worked closely with GEE Group's leadership to understand
their business and their financing needs and determined that
asset-based lending was the right solution at this moment in the
company's development," said Chris
Esposito, managing director and group head for CIT's
Asset-Based Lending business. "We were pleased to deliver the
financing needed to support their ongoing operations and future
growth."
CIT's Asset-Based Lending business meets clients' working
capital needs by offering innovative structures that reduce funding
costs and lower operational risks while improving earnings by
leveraging accounts receivable, inventory or fixed assets as
collateral.
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.