CIT Gives Boost to Small Businesses – Commits $500 Million in New Loans and Waives Packaging Fee

CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced a special lending offer to its Small Business Lending customers to recognize the vital role they continue to play creating much needed jobs and stimulating the American economy. Effective immediately through March 10, 2010, CIT Small Business Lending will waive its $1,000 packaging fee on all approved Small Business Administration (SBA) 7(a) loan applications.

This waiver follows the Company’s earlier announcement to commit $500 million to support its Small Business Lending group in 2010 to fund government guaranteed loans in the SBA 7(a) and 504 lending programs.

“The small business sector remains a key driver of job creation in America,” said Chris Reilly, President, CIT Small Business Lending. “These recent announcements reflect our commitment to bringing much needed credit to this sector, and to helping small businesses access the capital they need to weather this difficult economic environment. As we have for more than 100 years, we will continue to support our small business customers as they look to grow their businesses, which will create thousands of jobs and help the US economy recover.”

Since its inception in 1992, CIT Small Business Lending has partnered with thousands of entrepreneurs by lending billions of dollars necessary to grow businesses. CIT Small Business Lending remains a leading Small Business Administration lender to women-, minority- and veteran-owned small businesses and is a leader in commercial real estate purchases and new construction financing for owner-occupied properties.

U.S. small businesses have a significant impact on the American economy. They employ nearly 59 million Americans — approximately half of all private-sector jobs. Small businesses constitute approximately 97 percent of all identified exporters and produce approximately 29 percent of the known export value. Further, small businesses collectively account for more than half of the United States’ non-farm private gross domestic product.

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About CIT Small Business Lending

CIT Small Business Lending is a leading SBA 7(a) lender and was designated as a "Preferred Lender" by the SBA because of its strong historical record. It primarily offers loans to finance owner-occupied real estate purchases, franchises, medical and professional practice start-ups, and business acquisitions. www.smallbizlending.com

About CIT

CIT (NYSE: CIT) is a bank holding company with more than $60 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination of relationship, intellectual and financial capital to its customers worldwide. CIT maintains leadership positions in small business and middle market lending, retail finance, aerospace, equipment and rail leasing, and vendor finance. Founded in 1908 and headquartered in New York City, CIT is a member of the Fortune 500. www.cit.com