CIT Direct Capital Hits $4B in Originations; Portfolio Over $1B

CIT Group’s Direct Capital has provided more than $4 billion in equipment financing and working capital loans to more than 100,000 small businesses since its inception in 1993. Additionally, the firm’s portfolio has exceeded $1 billion.

CIT made this announcement during National Small Business Week, established in 1963 to recognize the critical contributions of America’s entrepreneurs and small business owners. According to the U.S. Small Business Administration, more than half of Americans either own or work for a small business, and they create about two out of every three new jobs in the U.S. each year.

“These are amazing milestones for Direct Capital to hit as the firm supports small business owners across the nation,” said Steve Solk, president of CIT Business Capital. “Our goal is to champion our customer’s growth and profit initiatives while making it extremely easy to do business with us.”

Direct Capital’s platform delivers rapid credit decisions and includes capabilities like digital signature technology.

“Our unique, tech-enabled approach to delivering fast, easy, affordable financing to small businesses is driving our growth,” said John Donohue, managing director of CIT’s Direct Capital. “We’re honored to hit these milestones and proud of our online lending platform’s capabilities of delivering 30-day to seven-year financing for every major need of small businesses, franchisees or the customers of equipment vendors. The result is that we can approve and fund a business within 24 hours and that’s very beneficial to Main Street businesses.”

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