| If your a cit factoring customer your most likely trying | | | | in house as clients. The important thing to remember |
| to determine how to proceed now that your credit | | | | is to make sure you have a plan in place should CIT |
| facility is with a company that has filed for chapter 11 | | | | commercial finance decide to no longer provide |
| bankruptcy. If you have not already found a new | | | | factoring services on your companies accounts |
| funding source you should be talking to new lenders | | | | receivable. Invoice factoring is a great tool, but it's |
| and factoring companies now. Some of the CIT | | | | also a cash flow strategy that can cause a major |
| commercial factoring clients may qualify for loans with | | | | hurdle for a company if they expect financing on |
| traditional banks, but many companies that really need | | | | invoices and then find out no funds are available a few |
| the funding will not qualify for loans with a bank as the | | | | days before payroll is due. |
| credit quality of cit customer base will not fit for many | | | | Most CIT factoring customers will not have trouble |
| banks underwriting criteria. | | | | finding another accounts receivable financing solution |
| Capital Quotes LLC and a few other commercial | | | | as long as they look in the correct places. Traditional |
| finance consultants are working with cit factoring | | | | banks can waste a lot of time evaluating a deal that |
| customers to help these organizations find new | | | | they cannot approve. If you have been using the cit |
| sources for accounts receivable financing at rates as | | | | factoring program you would be best served looking |
| close as possible to what cit was offering. You can | | | | direct at lower cost factoring companies and asset |
| contact this company and find out your options within | | | | based lenders. The best way to do this is via a small |
| a day or less. They do not charge any consulting | | | | business lending consultant that specializes in factoring |
| fees and work with over 50 accounts receivable | | | | and knows exactly which factor can provide a solution |
| finance companies. | | | | for your needs. |
| Many of the cit commercial loan customers have | | | | If your a current cit factoring customer I hope you |
| discovered more options available then they expected | | | | have some back up plans available now. If you do |
| after getting the news. My expectation is that cit will | | | | not you should be able to get some quickly if you |
| only focus on a few specific industries and this will limit | | | | contact an expert in your field. |
| how many if any factoring customers they can keep | | | | |