CIT bankruptcy leaves small businesses in bind

11/1/2009 | Reuters · CNNMoney

CIT Group filed for bankruptcy Sunday as expected, announcing a reorganization plan that may keep its doors open but send more than a million small and medium-sized businesses in search of new lenders. In better times, other lenders would be willing to take up the slack from CIT, but Pryor Cashman partner Mark Jacobs says "there's not enough capacity out there." A major player, CIT is one of the biggest lenders to small businesses in the country, the leading provider of factoring, third-largest U.S. lessor of rail cars and the third-largest lessor of aircraft in the world.

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Reuters · CNNMoney

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