CIT Closes New $1 Billion Funding Facility

CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that it has closed a new $1 billion committed U.S. Vendor Finance conduit facility with Barclays Bank PLC as Administrative Agent and three additional banks as committed lenders. This new facility supplements the recently closed $667 million TALF eligible equipment securitization, which also financed Vendor Finance originated assets.

These new financings further support CIT’s lending to the small business and middle market customers it serves. The new private facility will allow CIT Vendor Finance to fund both existing assets and new originations. The revolving period of the facility expires in March 2011 and the facility has a final maturity in 2018.

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About CIT

CIT (NYSE: CIT) is a bank holding company with more than $45 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, factoring, 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