CIT Will increase Lending Facility for Trend Firm to $100 Million


Revealed: Aug. 3, 2022 at 8:00 AM CDT|Up to date: 27 minutes in the past

NEW YORK, Aug. 3, 2022 /PRNewswire/ — CIT Industrial Providers, a subsidiary of First Residents Financial institution, right this moment introduced that it elevated a New York-based style firm’s discretionary lending facility to $100 million to assist the acquisition of an entity that focuses on kids’s attire.

(PRNewsfoto/CIT, a division of First Residents Financial institution)(PRNewswire)

The style firm, a longtime consumer of CIT, focuses on designing, importing and distributing attire, purses and equipment. The financing supplied by CIT will assist the style firm’s enterprise operations and development plans as they combine and enhance upon their lately acquired entity.

“In arranging this financing, we labored intently with the consumer to tailor an answer aligned with their enterprise targets,” stated Tom Fingleton, managing director and northeast regional supervisor for CIT Industrial Providers.  “We now have a longstanding relationship with this consumer, and we welcome the chance to proceed to assist their enterprise development technique.”

CIT Industrial Providers is among the nation’s main suppliers of working capital financing, credit score safety and accounts receivable administration to client product corporations.

About CIT 
CIT is a division of First Residents Financial institution, the most important family-controlled financial institution in the US, persevering with a singular legacy of power, stability and long-term considering that has spanned generations. Dad or mum firm, First Residents BancShares, Inc. (NASDAQ: FCNCA) is a high 20 U.S. monetary establishment with greater than $100 billion in property. The corporate’s business banking section brings a big selection of best-in-class lending, leasing and banking providers to middle-market corporations and small companies from coast to coast. First Residents additionally operates a nationwide direct financial institution and a community of greater than 600 branches in 22 states, many in high-growth markets. Trade specialists convey a depth of experience that helps companies and people meet their particular targets at each stage of their monetary journey. Uncover extra at cit.com/firstcitizens.

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SOURCE CIT, a division of First Residents Financial institution

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