<div id="subtitle">CIT Group says it will waive fees on SBA loans, to commit $500M to small-business lending</div><div><p>CIT Group Inc., one of the nation's largest lenders to small and mid-sized businesses, said Monday it is waiving fees for the next three months on all approved Small Business Administration Loan applications.</p><p>CIT Group is waiving the $1,000 packaging fee at the same time it is planning to commit $500 million to support its small-business lending operations in 2010.</p><p>The moves come as CIT Group tries to regain business and reaffirm itself as a top commercial lender after exiting bankruptcy protection last week. CIT swiftly moved through bankruptcy court in just six weeks because its key bondholders had already approved a plan to reorganize the company.</p><p>The $500 million will be originated through CIT's small business lending group to fund government guaranteed loans as part of two small-business lending programs, the SBA 7(a) and 504 programs.</p><p>The $1,000 fee will be waived on all applications for 7(a) loans beginning Monday and running through March 10.</p><p>CIT, based in New York, was forced into bankruptcy on Nov. 1 after failing to raise cash to pay off outstanding debt. It was also hurt by mounting loan losses as more customers fell behind on repaying loans amid the recession.</p><p>By originating government-guaranteed loans like the SBA loans, CIT is protected against losses should the customers fail to repay their debt.</p><img src="http://admatch-syndication.mochila.com/images/ad.gif?aid=65403054&bid=informcom" /></div><div id="copyright"><div>

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