CIT Provides Financing for Heavy Equipment Acquisition

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced on October 19, 2021, that its Equipment Finance business provided $4.4 million in financing for the acquisition of heavy equipment, primarily yard loaders and articulated dump trucks. This financing aims to assist the client in upgrading their fleet, thereby enhancing their business capabilities. Mike Jones, president of CIT's Business Capital division, expressed satisfaction with the financing, highlighting its role in supporting the client's growth and service to their customers. CIT's Equipment Finance focuses on financing for various commercial equipment sectors.

Positive

• Provided $4.4 million financing for heavy equipment acquisition.
• Supports client growth and business capability enhancement.
• Focus on financing construction and industrial equipment aligns with market demand.

Negative

• None.

NEW YORK, Oct. 19, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that the Industrial group within its Equipment Finance business has provided about $4.4 million in financing toward the acquisition of multiple pieces of heavy equipment.

The equipment consists primarily of yard loaders and articulated dump trucks, which the client is using to upgrade its fleet of heavy equipment.

"We were pleased to finance this acquisition of new equipment, which will help our client grow their business and better support their own clients," said Mike Jones, president of CIT's Business Capital division, which includes equipment financing.

CIT's Equipment Finance business works with manufacturers, distributors, resellers, dealers and systems integrators to finance their equipment, software and services to commercial customers. Its Industrial group maintains a special focus on the financing of construction and industrial equipment.

Equipment Finance is part of CIT's Business Capital division, which empowers small and mid-size businesses by providing equipment financing solutions via technology-enabled platforms and market leading structuring expertise.

About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.

MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran@cit.com

 

 

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SOURCE CIT Group Inc.

FAQ

What is the purpose of CIT's $4.4 million financing for heavy equipment?

The financing is intended to assist a client in acquiring yard loaders and articulated dump trucks to upgrade their heavy equipment fleet.

Which division of CIT Group provided the financing for heavy equipment acquisition?

The financing was provided by CIT's Equipment Finance business, which operates under the Business Capital division.

How does CIT Group's financing impact its client's business?

The financing helps the client grow their business and better serve their customers by enabling the acquisition of new heavy equipment.

What types of equipment were financed by CIT Group?

The financing primarily covered yard loaders and articulated dump trucks.