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Store Financing

CIT Small Business Lending

"Smart Financing for Small and Growing Businesses"

About CIT

CIT Group Inc. (NYSE: CIT), a leading global commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has approximately $80 billion in managed assests and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries worldwide. CIT, a Fortune 500 company and a member of the S&P 500 index, holds leading positions in vendor financing, factoring, equipment and trasportation financeing, Small Business Administration loans, and asset-based lending. With its global headqurarters in New York city, CIT has approximately 7,500 employees in locations throughout North America, Europe, Latin America, and Asia Pacific.

CIT is the nation's #1 SBA lender, offering SBA 7(a), 504 and conventional loans for small and growing businesses. We can meet a variety of your small business needs including:

Commercial Real Estate Financing

Up to 100% financing
Terms to 25 years
Conventional and SBA loans available

Construction Financing

Up to 90% financing available
Terms to 25 years
Single loan closing for construction and permanent loans

Franchise Financing

Up to 85% financing on start-ups and acquisitions
Terms up to 10 years: 25 years with real estate
No minimum collateral requirements on acquisitions up to $1,000,000

Business Acquisition Financing

Up to 90% financing for outside buyer
Up to 100% if partner/shareholder buyer
No minimum collateral requirements on loans up to $1,000,000
Industry experience required

SBA 7(a) Loan Program Overview

CIT Smal Busiiness Lending has been designated as a Preferred Lender by the SBA, which gives us the authority to make credit decisions on behalf of the U.S. government. This enables us to process loans more quickly and efficiently than many other SBA lenders. There are a number of advantages to SBA loans, including longer terms, no points and no balloon payments.

Who is Eligible for an SBA Guaranteed Loan?

Most for profit small businesses including manufacturers, wholesalers, retailers and service businesses, as well as independent or franchise businesses.

Loan Qualifications

Retail and service busiinesses with 3-year average sales not exceeding $6 million to $20 million, depending on the industry
Wholesale businesses with up to 100 employees, regardless of sales volume
Manufacturers with up to 500 employees, depending on the industry, regardless of sales volume

SBA 7(a) Loan Size

$150.000 to $2,000,000

Loan Fees

Loan packaging fee up to $1,000
Fee is based on loan size, collected at the time of the loan submission; refunded if declined by credit
SBA guaranty fee: 1.70% to 2.70% of the loan amount
Fee can be financed in the loan

Use of Proceeds

Commercial real estate (purchases, construction or refinance)
Leasehold improvements
Business expansion
Machinery, equipment, furniture or fixtures
Business acquisitions
Partner/shareholder buy outs
Start-up (franchise, professional practice, franchise hotel)

Collateral

First security interest in all business assets
Personal assets (including residences) may be taken as collateral

Terms

Up to 25 years for real estate purchases
Up to 10 years for business acquisitions
Up to 10 years for franchise start-ups

Down Payments

10% for commercial real estate purchase
10% for business acquisitions
10% to 30% for business start-ups

504 Loan Program Overview

CIT Small Business Lending partners with Certified Development Companies (CDCs) to offer SBA 504 loans. These loans provide long-term, fixed-rate financing to small businesses requiring "brick and mortar" financing for expansion or modernization.

Program Highlights