CIT Serves as Sole Lender on $20 Million Credit Facility for GEE Group Inc.
CIT Group Inc. (NYSE: CIT) announced it acted as the agent and sole lender for a $20 million loan and revolving credit facility for GEE Group Inc. (NYSE American: JOB). The funding will be used to pay off existing debts and support working capital. GEE Group, based in Jacksonville, Florida, provides staffing and HR solutions across various sectors. The financing aids GEE Group's growth strategy while ensuring their financial stability, according to CEO Derek Dewan. CIT's Asset-Based Lending division focuses on meeting client needs with innovative financing structures.
- CIT provided a $20 million financing facility, enhancing GEE Group's working capital.
- The loan will pay off existing debt, potentially improving GEE Group's financial health.
- CIT's expertise in asset-based lending supports GEE Group's growth strategy.
- None.
NEW YORK, June 8, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Asset-Based Lending business served as agent and sole lender on a loan and revolving credit facility for GEE Group Inc. (NYSE American: JOB), a leading provider of professional staffing services and human resources solutions. Proceeds from the financing will be used to pay off existing debt and for general working capital purposes.
GEE Group, based in Jacksonville, Florida, is a multi-brand national staffing and recruiting firm providing services in the IT, legal, engineering, finance and accounting, healthcare and industrial verticals delivered from two business divisions, professional and commercial.
"We appreciated CIT's expertise in arranging this asset-based financing to support our working capital needs and help fund GEE Group's growth strategy," said Derek Dewan, Chairman and CEO of GEE Group. "This financing represents another milestone in our ongoing effort to build our business while ensuring our financial position and balance sheet remain on solid footing."
"We worked closely with GEE Group's leadership to understand their business and their financing needs and determined that asset-based lending was the right solution at this moment in the company's development," said Chris Esposito, managing director and group head for CIT's Asset-Based Lending business. "We were pleased to deliver the financing needed to support their ongoing operations and future growth."
CIT's Asset-Based Lending business meets clients' working capital needs by offering innovative structures that reduce funding costs and lower operational risks while improving earnings by leveraging accounts receivable, inventory or fixed assets as collateral.
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
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