CIT Named #1 SBA Lender for Seventh Consecutive Year

October 26, 2006; 05:56 AM

CIT Small Business Lending Corporation, a unit of CIT Group Inc., a leading global provider of commercial and consumer finance solutions, announced today that for the seventh consecutive year it has been recognized as the #1 Small Business Administration (SBA) 7(a) volume lender.

 "I am very pleased that for the seventh consecutive year CIT has distinguished itself as the preeminent financing partner to U.S. small businesses," said Thomas B. Hallman, CIT Vice Chairman, Specialty Finance. "Small businesses are the economic backbone of the U.S. economy and our loans provide them the financing they need to grow and expand."

Christine Reilly, President of CIT Small Business Lending Corporation, said, "We're proud of this recognition by the SBA which highlights CIT's continued commitment to financing small businesses. As noted in our recent Small Business Outlook Survey, small business owners are expected to continue to invest in their organizations in 2007 as they seek to grow their businesses. We're pleased to serve as their financing partner as these investments will create jobs and stimulate local economic growth around the country."

The ranking is based on SBA 7(a) loan volume for the 2006 SBA fiscal year (October 1, 2005 to September 30, 2006). According to the SBA, CIT provided $872,595,495 in SBA 7(a) loans to 1,487 small businesses nationwide.

The 7(a) loan program is the most popular SBA program, and offers up to 25-year, fully amortized loans, which means lower monthly payments for the borrower. Proceeds from the 7(a) program may be used for most business purposes, including the purchase of commercial real estate, equipment and inventory, construction, renovation or leasehold improvements, and working capital.

About CIT Small Business Lending Corporation

CIT Small Business Lending Corporation (www.smallbizlending.com) has been the nation's #1 SBA 7(a) lender for the last seven consecutive years. Designated as a "Preferred Lender" by the SBA due to its strong historical record, CIT Small Business Lending Corporation offers loans to finance business acquisitions, owner-occupied real estate purchases, franchises, and medical and professional practice start-ups.

About CIT

CIT Group Inc. (www.CIT.com), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has more than $70 billion in managed assets 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 transportation financing, Small Business Administration loans, and asset-based lending. With its global headquarters in New York City, CIT has more than 7,200 employees in locations throughout North America, Europe, Latin America, and Asia Pacific.