CIT Is Ready To Lend Again

Small business lender CIT Group as it slowly emerges from bankruptcy, says it’s ready to charge back into the lending fray. Its next challenge: Rebuilding relationships with customers damaged by the bank’s struggles CNN Money reports. The company said they will be starting over with many of its customers. In 2008, it was the top lender through the Small Business Administration’s (SBA) flagship financing program, investing $771 million to fund more than 1,200 loans. But this year, as CIT struggled unsuccessfully to avoid bankruptcy, its lending dried up. In the SBA’s 2009 fiscal year, which ended Sept. 30, CIT funded just 142 loans, totaling $105 million.

To win back potential customers, CIT plans to waive packaging fees on loans for 90 days. The bank announced that it also has $500 million in funding available to make SBA-backed loans this year.