CIT Named #1 SBA Lender for Eighth Consecutive Year

November 13, 2007; 08:33 AM

NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT), a leading global commercial finance company, today announced that CIT Small Business Lending Corporation, a unit of CIT, has been recognized as the #1 Small Business Administration (SBA) 7(a) volume lender for the eighth consecutive year.

The ranking is based on SBA 7(a) loan volume for the 2007 SBA fiscal year (October 1, 2006 to September 30, 2007). According to the SBA, CIT provided more than $882 million in SBA 7(a) loans to 1,601 small businesses as compared to $872 million and 1,487 small businesses in 2006.

“I am very proud that CIT has been recognized by the SBA as the leading financing partner to U.S. small businesses,” said Christine Reilly, President of CIT Small Business Lending Corporation. “Small businesses are key drivers of the economy and we remain steadfast in our commitment to provide the capital and advisory services that these entrepreneurs need in order to grow and expand their businesses. Above all we value our relationships with our small business customers and partner with them to craft solutions that help small business owners succeed and contribute to the vitality and growth of their communities.”

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.

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About CIT Small Business Lending Corporation

CIT Small Business Lending Corporation has been the nation's #1 SBA 7(a) lender for the last eight 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. www.smallbizlending.com

About CIT

Founded in 1908, CIT (NYSE:CIT) is a global commercial finance company that provides financial products and advisory services to more than one million customers in over 50 countries across 30 industries. A leader in middle market financing, CIT has more than $80 billion in managed assets and provides financial solutions for more than half of the Fortune 1000. A member of the S&P 500 and Fortune 500, it maintains leading positions in asset-based, cash flow and small business administration lending, equipment leasing, vendor financing and factoring. The CIT brand platform, Capital Redefined, articulates its value proposition of providing its customers with the relationship, intellectual and financial capital to yield infinite possibilities. www.cit.com.