CIT Small Business Lending

Call CIT Bank - Small Business Lending toll free at 1-800-713-4984 or submit a loan details form. You may also contact your local Regional Account Manager at your local CIT office.

You provide your completed SBA loan application package to the Regional Account Manager.

An underwriter reviews your application.

The underwriting decision is made.

Once the loan is credit approved by us, a document package (including an important checklist of additional items needed) is sent to you. You simply sign the documents and return them to us. As a Preferred Lender, we simply notify the SBA of the transaction and they provide us with an SBA Loan Number.

Closing packets are then sent to attorneys where applicable.

Appraisal, IRS tax return verification, environmental assessments and title work are ordered.

A closing date is scheduled. You are responsible for submitting any outstanding items on the closing checklist.

Closing documents are sent to you for review prior to closing...then your loan is closed.

What is an SBA loan?

The Small Business Administration (SBA) makes loans available through participating lenders to eligible small businesses on favorable terms. It offers these loans because it recognizes the critical role emerging businesses play in the growth of our nation's economy.

SBA Loans provide longer repayment terms and higher loans-to-value ratios than conventional loans, thus making it easier for small businesses to get off to a solid start. SBA loans are often the best financial tool to select for the critical start-up phase. Additionally, the long term/low payment solution can be crucial at the later, expansion stages of your business growth.

Who is eligible?

Most for-profit small businesses are eligible for an SBA guaranteed loan. These include manufacturing, wholesale, retail and service businesses, as well as independent or franchised business.

How much can be borrowed?

CIT Bank - Small Business Lending, a subsidiary of The CIT Group, offers total financing up to $5 million, depending on the industry.

What can you use an SBA loan for?

Typical uses for SBA loans include:

Purchase of owner-occupied business real estate

Acquisition of a business or franchise

Purchase of machinery and equipment

Renovations to owner-occupied business real estate

Refinancing certain existing business debt

Leasehold improvements and working capital in conjunction with the above

What are the interest rates and fees?

The interest rate is variable, adjusted quarterly, and will never exceed the Wall Street Journal prime plus 2.75%.

Your actual rate will be determined by the term of the loan, the use of the funds and the strengths of both the business being financed and the borrower.

This SBA guarantee fee can be financed as part of the loan and is paid to the SBA upon closing the loan.

What are the terms of repayment?

All SBA loans are fully amortizing. Terms are:

Up to 25 years for a real estate purchase, construction loan, or real estate refinance

Up to 10 years for business acquisition or machinery and equipment purchase

Up to 7 years for the working capital portion of the loan

What is needed to qualify?

The SBA needs proof that the owner is active in the business and willing to make a reasonable commitment to it. Here are the most significant criteria the SBA looks for:

The owner must provide adequate downpayment

The owner must be actively involved in the management of the business

All principals must show a satisfactory credit history

The business must demonstrate an appropriate debt/net worth ratio and adequate cash flow

How long does it take to get approval?

It is usually just a matter of days for the SBA's decision once we credit approve a loan.

Why does my payment change but the rate stays the same?

If you have a quarterly adjusted contract, your payment may fluctuate on a quarterly basis even though the rate does not change. The fluctuation should not be that significant.

The prime rate has changed; why isn't it noted on my invoice?

We generally adjust our interest rates on the first of January, April, July, and October. The new rate will be displayed on the invoice for the months following the above mentioned change period.

Why did I pay more to interest this month than I did last month?

Most loans accrue interest on a daily basis, so always account for the number of days between payments. Here is a simple way to calculate interest for a given payment period:

(Principal at the beginning of payment period)(the interest rate in decimal form)/(Days in a year)=Interest per day.

(Interest per day)(# of days in payment period)=Total interest for payment period.

Is there an address that I can overnight payments to?

Yes. Use the following addresses with an express courier:

CIT Small Business Lending Corporation payments should be remitted to CIT Small Business Lending, PO Box 277280, Atlanta, Georgia 30384. The overnight street address should be 1075 Inner Loop Road, Box 277280, College Park, GA 30337.

CIT Lending Services Corporation payments should be remitted to CIT Lending Services, PO Box 277281, Atlanta, GA 30384. The overnight street address should be 1075 Inner Loop Road, Box 277281, College Park, GA 30337.

CIT Bank payments should be remitted to PO Box 405929, Atlanta, GA 30384. The overnight street address should be 6000 Feldwood Road, Box 405929, College Park, GA 30349.

Why should I register with Account Status Online?

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How do I become an "approved" referral source of CIT Bank - Small Business Lending?

Generally, CIT will look to obtain a personal credit report, D&B and a few references on your company in order to become an approved referral source of CIT. For more information, please contact our Lead Generation Group at 800-713-4984 or e-mail SBAloans@CIT.com.

Does CIT Bank - Small Business Lending have a local representative in my market?

CIT Bank - Small Business Lending, is a national lender and has seasoned sales representatives available to assist you all over the U.S. To find out which representative is closest to you, please click the following link https://www.smallbizlending.com/secured/newcustomer/salesrep/map.aspx then click on your home state. Or you can simply contact our Lead Generation group at 800-713-4984 or e-mail SBAloans@CIT.com who will put you in touch with someone in your market.

How do I know CIT won't try to "steal" customers away from me?

At CIT Bank - Small Business Lending, the vast majority of our business is referred to us by third parties like yourself. We are experienced in working with you and your customers to ensure they get the best service necessary and you will want to refer your next deal to CIT.

If customers I refer to CIT Bank - Small Business Lending come back to you for additional financing, will you refer them back to me so I can assist them with obtaining the financing they require?

CIT Bank - Small Business Lending is generally a transactional lender. We usually make one loan to a customer only. It is unusual for us to extend credit repeatedly for the same customer.

I don't know much about the SBA programs, how do I identify prospects for your company?

Our Lead Generation group is trained in screening SBA opportunities. If you come across a business acquisition transaction from $350,000 - $2,000,000 or a owner-occupied real estate loan for $350,000 - $5,000,000 call us at 800-713-4984, or e-mail us at SBAloans@CIT.com and we'll tell you if we can help. You can also visit our loan qualifier http://www.smallbizlending.com/howtoapply/prequalify/main.asp which will automatically screen out transactions that do not meet our basic lending criteria.

In addition to small business loans, I often come across other types of transactions, does CIT finance those types of transactions as well?

CIT has many divisions which finance all types of transactions, for more information, please visit our parent company web site at http://www.cit.com/.

I am interested in working for CIT, how do I find out more about employment opportunities at your company?

CIT has open positions all across the country. For more information, visit the following link http://www.cit.com/careers/index.htm which has the latest job availability.

How do I contact a CIT Bank - Small Business Lending salesperson?

To contact a salesperson in your area please click here.

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