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CIT Group to waive fees on SBA loans

December 14, 2009 /

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The MDT Disadvantaged Business Enterprise (DBE) Program encourages and supports the participation of companies owned and controlled by socially and economically disadvantaged individuals in transportation contracts.

CIT Group Inc., one of the nation’s largest lenders to small and mid-sized businesses, said Monday it is waiving fees for the next three months on all approved Small Business Administration Loan applications.

CIT Group is waiving the $1,000 packaging fee at the same time it is planning to commit $500 million to support its small-business lending operations in 2010.

The moves come as CIT Group tries to regain business and reaffirm itself as a top commercial lender after exiting bankruptcy protection last week. CIT swiftly moved through bankruptcy court in just six weeks because its key bondholders had already approved a plan to reorganize the company.

Full Story: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/12/14/financial/f061425S39.DTL

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