LIVINGSTON, N.J., Jan. 24 /PRNewswire-FirstCall/ -- CIT Small Business Lending Corporation, the nation's No. 1 Small Business Administration (SBA) lender for the last five years and a subsidiary of CIT Group Inc. , announced today that the U.S. Small Business Administration (SBA) has extended its Preferred Lender Program status in 65 SBA districts and expanded the company's authority in seven additional districts. CIT is now a Preferred Lender in virtually all areas of the country.
The SBA Preferred Lender Program (PLP) streamlines loan processing and approval processes for U.S. small businesses. Under this program, the SBA delegates loan approval, closing, servicing, and liquidation authority to experienced lenders that are carefully selected for their expertise in processing and servicing SBA loans.
"We are extremely proud of both our PLP renewals and our expansion to new districts throughout the nation," commented John Canning, President of CIT Small Business Lending Corporation. "Our expanding role in the Preferred Lender Program underscores our ability to accelerate loan approval and processing times to better serve our small business customers."
The SBA awards Preferred Lender status on lending experience, expertise, and volume. To maintain PLP status in each district, CIT renews its lending authority every two years, and allows the SBA to periodically examine the company's loan portfolio.
"CIT has built a strong track record of success in helping small businesses achieve their goals," continued Canning. "As our reputation has grown, so have our Preferred Lender designations. Our partnerships with the SBA and local community organizations, along with our specialized representatives and streamlined loan processing procedures, have enabled our company to develop an unprecedented level of success in SBA lending."
About CIT Small Business Lending Corporation
CIT Small Business Lending Corporation offers Small Business Administration (SBA) loans to finance business acquisitions, owner-occupied real estate purchases and medical and franchise start-ups through a network of field representatives. The nation's #1 SBA lender, CIT Small Business Lending Corporation has been designated a "Preferred Lender" by the SBA and can provide quick credit decisions and loan closings. The company's website and online SBA loan application are located at http://www.smallbizlending.com/.
About CIT
CIT Group Inc. , a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has approximately $50 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company and a component of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. CIT, with its principal offices in Livingston, New Jersey and New York City, has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit http://www.cit.com/.
Photo: http://www.newscom.com/cgi-bin/prnh/20041004/NYM003LOGO CIT Small Business Lending Corporation
The SBA Preferred Lender Program (PLP) streamlines loan processing and approval processes for U.S. small businesses. Under this program, the SBA delegates loan approval, closing, servicing, and liquidation authority to experienced lenders that are carefully selected for their expertise in processing and servicing SBA loans.
"We are extremely proud of both our PLP renewals and our expansion to new districts throughout the nation," commented John Canning, President of CIT Small Business Lending Corporation. "Our expanding role in the Preferred Lender Program underscores our ability to accelerate loan approval and processing times to better serve our small business customers."
The SBA awards Preferred Lender status on lending experience, expertise, and volume. To maintain PLP status in each district, CIT renews its lending authority every two years, and allows the SBA to periodically examine the company's loan portfolio.
"CIT has built a strong track record of success in helping small businesses achieve their goals," continued Canning. "As our reputation has grown, so have our Preferred Lender designations. Our partnerships with the SBA and local community organizations, along with our specialized representatives and streamlined loan processing procedures, have enabled our company to develop an unprecedented level of success in SBA lending."
About CIT Small Business Lending Corporation
CIT Small Business Lending Corporation offers Small Business Administration (SBA) loans to finance business acquisitions, owner-occupied real estate purchases and medical and franchise start-ups through a network of field representatives. The nation's #1 SBA lender, CIT Small Business Lending Corporation has been designated a "Preferred Lender" by the SBA and can provide quick credit decisions and loan closings. The company's website and online SBA loan application are located at http://www.smallbizlending.com/.
About CIT
CIT Group Inc. , a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has approximately $50 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company and a component of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. CIT, with its principal offices in Livingston, New Jersey and New York City, has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit http://www.cit.com/.
Photo: http://www.newscom.com/cgi-bin/prnh/20041004/NYM003LOGO CIT Small Business Lending Corporation
