Small-business borrowers that have already seen their financing options squeezed by a tight credit market and a lackluster economy have seen their options narrow as troubled CIT Group Inc. cuts back on lending.
The global finance company, which has a significant administrative operation in Livingston, lost $438.1 million on $989.5 million of revenue during the first quarter of 2009, compared to a $240.7 million loss on $824.2 million of revenue in the year-ago quarter. CIT has not reported its second-quarter results.
At one time, CIT was a major SBA lender in New Jersey, said Jim Kocsi, district director of the Small Business Administration, referring to commercial loans that are partially guaranteed by the agency. But for the past few years, CIT’s participation has been shrinking.
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