News & Resources

CIT and MicroBilt Announce an Exclusive Relationship for Lending and Leasing Programs Designed for Credit Unions

New York, NY, Feb 05, 2006

CIT Group Inc. (NYSE: CIT) announced today that it has partnered with MicroBilt Corporation, to create commercial lending and leasing referral programs for credit unions. The programs will feature Small Business Administration (SBA) loans from CIT Small Business Lending, the nation's #1 SBA lender, and equipment financing options through CIT Office & Technology Finance, a unit of CIT Vendor Finance. The MicroBilt Financial Business Loan Program has been developed for credit unions and financial institutions that want to enter the business lending market, but are concerned with the staffing, costs, risks, and time necessary to establish and maintain a successful business lending program. The program will provide MicroBilt's credit union customers immediate access to its Business Loan Services through its platform. Credit unions and CUSOs can also enhance existing business lending programs with SBA loans and equipment financing through the MicroBilt program. "We believe that small business services represent the most significant growth opportunity for credit unions and community banks," said Kenneth Hill, MicroBilt's President, "but many institutions lack the necessary resources to be successful in business lending. For 28 years, credit unions and community banks have depended on MicroBilt to deliver superior products from the best companies to better serve their members and customers. For our Business Loan program, CIT was the clear choice for its leadership in this sector as a non-bank lender." "CIT's success in both small business lending and equipment finance is built on our deep commitment and service to our partners and to their customers," said Tom Hallman, CIT's Vice Chairman for Specialty Finance. "Credit unions who partner with MicroBilt will benefit greatly as the MicroBilt-CIT relationship expands the suite of offerings to their current and future customers. We believe that our market-leading technology, processes, and expertise are a complement to MicroBilt's strengths." About CIT Small Business Lending:
CIT Small Business Lending offers Small Business Administration (SBA) loans to finance business acquisitions, owner-occupied real estate purchases and franchise start-ups through a network of field representatives. The nation's #1 SBA lender, CIT Small Business Lending has been designated a "Preferred Lender" by the SBA and can provide quick credit decisions and loan closings. About CIT Vendor Finance:
CIT Vendor Finance is a global leader in financing solutions that drive incremental revenues for manufacturers, distributors, and other intermediaries. With over $14 billion in assets, CIT Vendor Finance has operations in more than 30 countries, supporting a wide variety of industries, including health care, industrial equipment, and technology. Vendor relationships include Avaya, Dell Computer, Snap-on, and Toshiba. About CIT Small Business Lending:
CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has nearly $60 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. With its global headquarters in New York City and corporate offices in Livingston, New Jersey, CIT has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit About MicroBilt:
MicroBilt, a division of Bristol Investments, Ltd., is the leader in credit bureau data access and retrieval, providing credit, collection and data sources. MicroBilt is certified through and provides interfaces with the three consumer bureaus, Equifax (NYSE: EFX), Experian (London Stock Exchange: GUS) and Trans Union and the two commercial bureaus, D&B and Experian Business as well as eFunds Corporation (NYSE: EFD) and Choicepoint (NYSE: CPS). This data access is available via the Internet at, a systems integration tool kit, dedicated terminals and dial-up software. The company also enables web sites to enhance their content offerings by delivering a private label site to their established online communities. Credit related insurance services are offered through MicroBilt's licensed insurance group, MicroBilt Assurance Corp. Private company information along with knowledge-based analytical tools and information services is available through Integra Information, a division of MicroBilt. MicroBilt maintains offices in Georgia and New Jersey. For more information, please contact MicroBilt Corporation, 1640 Airport Road, Suite 115, Kennesaw, GA, 30144 or Telephone: 1-800-884-4747.