CIT Group Small Business Loans

CIT Group Inc. is a bank and financial holding company headquartered in New York City. The bank was incorporated in Delaware, and its subsidiary, CIT Bank, is headquartered in Pasadena, California.

The CIT group also offers business loans, commercial and equipment financing. Below we have discussed some of the small business loans that the CIT group offers.

3. SBA 504 Loan Program

Transactions in California Only

4. SBA 7(a) Loan Program

Available in all Non-Judicial States

5. Conventional Owner-Occupied CRE

Transactions in California Only

Types of Loans offered by CIT Group

6. SBA 504 Loan Program

Transactions in California Only

7. SBA 7(a) Loan Program

Available in all Non-Judicial States

8. Conventional Owner-Occupied CRE

Transactions in California Only

9. Equipment Financing

10.Working Capital Loans

11.Franchise Financing

12.CIT’s Commercial Real Estate and Construction Loans

CIT has deep relationships, marketing expertise, and underwriting experience in the commercial real estate and construction industry. CIT underwrites commercial real estate transactions and offers construction and commercial loans for the following purposes:

Products and Services:

Geographical areas:

Focus areas:

13.Business Equipment Financing

The business equipment financing will help businesses grow their capital. CIT offers small business equipment loans in less than a day and also provides several leasing options.

CIT Group Interests, Fees, and Loan Options

3. SBA 504 Loan Program

4. SBA 7(a) Loan Program

5. Equipment financing

6. Working Capital loans

7. Franchise Financing

8. Business Equipment financing

9. CIT Commercial Real Estate and Construction Loans

What Lending Criteria does the CIT Group Have?

Below is the basic lending criteria that all the banks follow:

Credit Score

Credit is the most important component of all types of businesses, whether they are small or large. Lenders will always analyze the business's credit score and then decide whether it can pay the loan or not. Therefore, the best way to maintain a healthy credit score is to pay your dues on time.

Credit scores can also be easily obtained from several agencies such as Equifax, Dun & Bradstreet, and Experian. Another way of maintaining a positive credit score is to have a low debt-to-income ratio. Lenders will not invest in businesses that don't have a good credit score.

Annual Revenue

Another important factor that the lenders will review is the annual revenue of the business. Most lenders will only lend to those businesses that have been profitable for the last two years or more. Businesses need to make sure that all the financial statements are accurate and up to date.

Lenders will also look at specific details such as the current account (current assets divided by liabilities) and ask for copies of bank statements and transactions. However, businesses will only be eligible for a loan if their cash flow is growing.

Business Plan

A minority of lenders might not ask for a business plan, but most of them do, and businesses need to come with a clear and concise proposal. Usually, lenders require the business plan to know the purpose of the loan and discuss the business's stability.

One of the main components of business plans is the resumes of managers and staff. However, despite having a clear business proposal, the lenders will still ask for proof of the staff's ability and relevant credentials and experience.

Collateral

Collateral is an essential requirement, and most lenders will not provide a business loan if it cannot give collateral. Collateral can be anything like equipment or property. The collateral will also decrease the risk for the lender as it will have an asset in hand, so if the company fails to pay the loan, the collateral can be paid to fund the damages.

The owner of the company needs to provide a personal guarantee and will also need to submit some essential documents:

Time in Business

Most banks are hesitant to lend loans to new companies that have been active for just a few months. Lenders cannot trust small businesses or startups that have just entered the market because they don't have a proper credit score and the cash flow is usually unstable. Banks will most likely lend to businesses that have been active for more than two years.

CIT Group Application

Following is the application procedure of all the banks that borrowers have to follow:

Before you apply for a loan, ensure that all your documentation is up to date. Also, organize all the documents properly, and if some essential documents are missing, contact the relevant authorities. Collect all the financial information about your business and pay all the dues as soon as possible.

However, for SBA loans, an additional criterion needs to follow:

Requirements for SBA (7a)

Requirements for SBA (504)

For more information, access the website of the CIT group. Click here

Summary of CIT Group Loan Options

We have analyzed all types of loans that CIT Group offers, and below we have listed them.

The good news is that borrowers will have many options available to them when they apply for a CIT loan. The loans mentioned above have different interest rates, terms and are designed to fulfill a specific business need. However, some loans offered by the CIT group ask for a near-perfect credit score, so make sure your credit score is up to mark.

Borrowers should also keep all their documents up to date, and before applying for the loan, discuss with the bank.

For more information regarding loans, learn more.