Would a CIT bankruptcy hurt your business?
CIT’s bailout talks with the government have fallen apart, setting the stage for a possible bankruptcy filing.
The lender provides crucial funding to small and mid-sized U.S. businesses, from clothing manufacturers to Dunkin Donuts franchises.
Founded in St. Louis in 1908, CIT boasts on its website that 1 million business customers depend on it for financing. Many may now have to depend on someone else, at a time credit markets remain tight, reducing business activity as the government tries to lift the economy out of recession.
Is your business affected by CIT’s struggles? Have you found it difficult to obtain financing since the financial meltdown? We want to hear your stories in the comments section.