CIT and MicroBilt Announce an Exclusive Relationship for Lending and Leasing Programs Designed for Credit Unions

CIT Group Inc. announced today that it has partnered with MicroBilt Corporation, to create commercial lending and leasing referral programs for credit unions. The programs will feature Small Business Administration (SBA) loans from CIT Small Business Lending, the nation’s #1 SBA lender, and equipment financing options through CIT Office & Technology Finance, a unit of CIT Vendor Finance.

The MicroBilt Financial Business Loan Program has been developed for credit unions and financial institutions that want to enter the business lending market, but are concerned with the staffing, costs, risks, and time necessary to establish and maintain a successful business lending program. The program will provide MicroBilt’s credit union customers immediate access to its Business Loan Services through its CreditCommander.com platform. Credit unions and CUSOs can also enhance existing business lending programs with SBA loans and equipment financing through the MicroBilt program.

“We believe that small business services represent the most significant growth opportunity for credit unions and community banks,” said Kenneth Hill, MicroBilt’s President, “but many institutions lack the necessary resources to be successful in business lending. For 28 years, credit unions and community banks have depended on MicroBilt to deliver superior products from the best companies to better serve their members and customers. For our Business Loan program, CIT was the clear choice for its leadership in this sector as a non- bank lender.”

“CIT’s success in both small business lending and equipment finance is built on our deep commitment and service to our partners and to their customers,” said Tom Hallman, CIT’s Vice Chairman for Specialty Finance. “Credit unions who partner with MicroBilt will benefit greatly as the MicroBilt-CIT relationship expands the suite of offerings to their current and future customers. We believe that our market-leading technology, processes, and expertise are a complement to MicroBilt’s strengths.”