NEW YORK, Feb. 17, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Asset-Based
Lending business committed to $25
million in financing while serving as joint lead arranger on
an asset-based credit facility of up to $145
million on behalf of a commercial finance company serving
government contractors.
The client provides flexibility to U.S. federal government
contractors via receivable financing, unbilled financing, purchase
order financing and a range of other solutions. It supports both
small businesses and large investment-grade prime contractors on
U.S. government projects. The transaction includes a revolving
credit facility of $80 million with
an accordion feature for up to $65
million more.
"Asset-based financing solutions are the right answer for many
businesses seeking the funding needed to achieve their business
objectives," said Chris Esposito,
managing director and group head for CIT's Asset-Based
Lending business. "At CIT, we are well-known for our long
experience and expertise in developing asset-based lending
structures that support clients."
CIT's Asset-Based Lending business, part of the company's
Commercial Finance division, 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.