CIT Small Business Lending Corporation, a subsidiary of CIT Group Inc., has been ranked as the leading volume lender to women and minorities among lenders of SBA 7(a) loans. For its 2004 fiscal year, the SBA credited CIT with over $230 million in SBA 7(a) loan approvals to women and minority-owned businesses nationwide.

Out of 2,750 lenders, CIT provided more financing to women, veterans, African Americans, Native Americans, and Asian Americans than any other institution, and ranked second in loans to Hispanics. The results were based on activity in the SBA 7(a) loan program for the 2004 SBA fiscal year, which ran from October 1, 2003 through September 30, 2004. SBA 7(a) loans are the most frequently used of the agency's business loan programs.

"We've worked hard to help small businesses succeed, and are extremely proud of our women and minority lending results," commented John Canning, President of CIT Small Business Lending Corporation. "Our ranking demonstrates our nationwide commitment to open doors of opportunity for women and minority entrepreneurs."

CIT is consistently cited as a small business advocate. In 2004, the company broke the SBA record for 7(a) loan approvals, securing its position as Top Volume Lender for the fifth consecutive year. For fiscal year 2004, the SBA currently credits CIT with over $891.3 million in SBA 7(a) loan approvals to 1,714 small businesses nationwide, outpacing its closest competitor by a margin exceeding $398 million.

"Through SBA products, CIT has built a strong track record of success in helping small businesses achieve their goals," continued Canning. "Our partnerships with the SBA and local community organizations, along with our specialized representatives and streamlined loan processing procedures, have enabled our company to develop an unprecedented level of success in SBA lending."