CIT, a division of First Citizens Bank, launched a new lending and leasing vertical focused on financing fleet golf cars, turf (grounds care) equipment, utility vehicles and similar equipment.

The new golf and turf vertical is part of CIT’s business capital group, which provides equipment financing solutions for small and mid-size businesses across a range of market sectors, including technology, office imaging, printing, construction and industrial.

Shawn Foy, a veteran banker with more than 20 years of experience, including 14 years devoted exclusively to golf financing, will lead the new vertical. He will be joined by other team members experienced in financing and underwriting golf- and turf-related equipment.

“With the creation of this new golf and turf finance team, we see an attractive opportunity to leverage CIT’s longstanding lending and leasing expertise to support a whole new array of prospective customers,” Mike Jones, president of CIT’s business capital group, said. “Also, CIT’s recent merger with First Citizens makes us stronger and brings additional relationships that will help us provide more products to this market and better support its equipment financing needs.”

“Shawn Foy is well-known and respected throughout the industry for his expertise and customer-centric approach,” Ken Martin, managing director of business capital at CIT, said. “We are pleased to welcome him and the rest of his golf and turf team and look forward to their efforts in helping grow our business by introducing our lending and leasing solutions to a new range of vendors and clients.”