“The Importance of Financing Small Business” Featured on CIT “5 Minute Capital” Podcast Series

Given the importance of the small business sector to job creation and the health of the U.S. economy, quick passage of the Small Business Job Creation and Access to Capital Act of 2009 and other stimuli are paramount to ensuring that small business owners can secure the funding they need to operate, according to Chris Reilly, President of Small Business Lending for CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies. This perspective on the economy is one of several insights Reilly shares in “The Importance of Financing Small Business,” the latest installment of CIT’s award-winning series of “5 Minute Capital” (www.5minutecapital.com) podcasts featuring senior CIT executive commentary on current market conditions, industry trends and future growth opportunities.

In commenting on the current state of small businesses in the U.S., Reilly states, “I think it’s still very challenging, and directly related to access to capital. For larger corporations, their ability to access capital is starting to normalize; however, small businesses are still struggling to get the funding they need for their business operations.

“Demand for financing is definitely on the rise,” Reilly continues. “Recently, we announced that in 2010 we are allocating up to $500 million in funding for small business, and that we are waiving the packaging fee on all new loan applications for a 90-day period. We are already seeing the results of that program in increased application flow.”

Listeners can access the full interview featured on “5 Minute Capital” by visiting www.5minutecapital.com, or by adding the feed for the podcast to their RSS software.

EDITOR’S NOTE: Podcast photos and related artwork can be found at www.5minutecapital.com. Individuals interested in receiving future updates on CIT via e-mail can register at http://newsalerts.cit.com.

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

Individuals interested in receiving future updates on CIT via e-mail can register at http://newsalerts.cit.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