Comments on: Would a CIT bankruptcy hurt your business? http://blogs.reuters.com/small-business/2009/07/16/would-a-cit-bankruptcy-hurt-your-business/ Grow your own Thu, 26 Mar 2015 12:32:24 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: apotash_1 http://blogs.reuters.com/small-business/2009/07/16/would-a-cit-bankruptcy-hurt-your-business/comment-page-1/#comment-1142 Mon, 02 Nov 2009 16:45:31 +0000 http://blogs.reuters.com/small-business/?p=794#comment-1142 CIT files for bankruptcy as they finally seem to have exhausted all of their options. It remains to be seen what the ripple effect of the CIT news will be on small and midsize businesses (SMBs), and the economy as a whole. The fallout of CIT will only exacerbate the struggle for these companies- especially retail and manufacturing. For our economy – and the small and midsize companies that drive it – to fully recover, it is imperative that they have broad access to small business financing.

There is one silver lining for the companies, The Receivables Exchange (www.receivablesxchange.com). The Receivables Exchange stands ready with more than $20 billion in liquidity from leading hedge funds, banks, ABL, factors and other accredited institutional investors to fill the liquidity gap these nearly one million companies will face. Our market-based solution delivers an efficient source of liquidity at competitive rates and stands ready to have our global network of accredited institutional receivables buyers compete to bid on the outstanding invoices of these companies. The Exchange can help these SMBs protect against exposure to a single source of liquidity and gain ready access to credit- all on their own terms.

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By: Roger Burke http://blogs.reuters.com/small-business/2009/07/16/would-a-cit-bankruptcy-hurt-your-business/comment-page-1/#comment-330 Sun, 19 Jul 2009 00:43:04 +0000 http://blogs.reuters.com/small-business/?p=794#comment-330 CIT has probably hurt more small businesses than helped. They are arrogant and unresponsive factors, who gang up and shut off multiple lines, when they think your business might have problems. This only excaberrated the issues.

They are in the position they are in by their own hand. Good riddance.

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By: John Becker http://blogs.reuters.com/small-business/2009/07/16/would-a-cit-bankruptcy-hurt-your-business/comment-page-1/#comment-327 Fri, 17 Jul 2009 13:57:30 +0000 http://blogs.reuters.com/small-business/?p=794#comment-327 We actually use a credit agency (Bernard Sands) who provides us credit reports on how much to ship our customers. They are pretty accurate with there credit opinions and if i have any questions i can always speak to an analyst directly.

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By: James Reginald Harris, Jr. http://blogs.reuters.com/small-business/2009/07/16/would-a-cit-bankruptcy-hurt-your-business/comment-page-1/#comment-323 Thu, 16 Jul 2009 22:42:21 +0000 http://blogs.reuters.com/small-business/?p=794#comment-323 CIT failure will absolutely not hurt my small business at all, Bear Sterns failure did not hurt my business, Lehman’s failure did not hurt my business.

The TARP Bailout did hurt my business, in fact my small business might benefit by letting CIT fail.

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By: Carol Dillow Phillips http://blogs.reuters.com/small-business/2009/07/16/would-a-cit-bankruptcy-hurt-your-business/comment-page-1/#comment-322 Thu, 16 Jul 2009 20:15:33 +0000 http://blogs.reuters.com/small-business/?p=794#comment-322 My husband and I own 2 franchise automotive repair businesses. The SBA lender funding our business ventures is CIT. We received our initial funding in May 2003. We employ 20 people at these 2 businesses in a county of ~20,000 people. We have had an excellent rating with CIT, never once missing or being late with our monthly payments.

We approached CIT back in February 2009 for an SBA emergency biz loan when the Obama administration announced that they were making $255 million available to small businesses as relief during the economic downturn.

We were told by our SBA representative from CIT that our request for this loan \\”was at the top of their applicants that they would approve.\\” We have checked in with our CIT SBA representative every month since February 2009 regarding the status of the emergency funds availability. Each time, we were assured that our requests for our 2 companies were \\”at the top of the list\\”; however, the funds just were not available yet. Our last call to our CIT representative was in early June 2009.

Our businesses are still afloat and paying the bills; however, we are unable to expand our inventory, staff or services due to no small business funding availability.

Where do we go now for this funding now that it looks as if CIT will be filing for bankruptcy protection?

Where did the $255 million emergency funds go that were to assist small businesses? The Obama administration needs to know that the funds certainly were NOT made available to small businesses!

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