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CIT Group Inc. [CIT:NYSE] has announced the launch of a mid-cap restaurant franchise finance practice to complement its large and small restaurant franchise financing businesses.
CIT Business Capital president Steve Solk said, “With our expanded coverage model for restaurant franchise financing, CIT now provides full market coverage financing solutions for restaurant franchisors and franchisees. We can serve a wide range of industry clients throughout the life of their business, regardless of the number of stores a franchisee owns, or the dollar size or finance structure needed.”
Founded in 1908, CIT is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across a wide variety of industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. — CIT