LOS ANGELES, CA – After receiving a $2.33 billion bailout from federal officials in December 2008, CIT Group, a bank holding company which provides commercial financing, leasing products, and loans to about a million small and midsize businesses (SMBs), announced earlier this month that its bondholders were pledging billions in short-term financing, prompting many SMBs to seek out alternative sources of business financing.
BusinessFactors.com, a leading accounts receivable factoring company, is reaching out to the hundreds of thousands of SMBs that are currently relying on CIT for financing, as these CIT customers may soon be unable to find alternative financing, and could slide into bankruptcy along with CIT.
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