CIT Enters Agreement With MBNA to Offer Business Credit Card Services to CIT Customers

Jun 01, 2005, 01:00 ET from CIT Small Business Lending Corporation

    LIVINGSTON, N.J., June 1 /PRNewswire-FirstCall/ -- CIT Small Business
 Lending Corporation, the nation's No.1 Small Business Administration lender
 for the last five years and a subsidiary of CIT Group Inc. (NYSE:   CIT), today
 announced that it entered into a marketing agreement with MBNA America to
 provide private-label credit card services to CIT Small Business Lending
 customers throughout the U.S.
     Under the agreement, MBNA will design, develop and administer the CIT card
 program through the MasterCard brand name and network.  Services will be
 customized to the CIT brand, and include account acquisition and
 authorization, private-label card issuance, statement generation, marketing
 services, remittance processing, and customer satisfaction.
     "The ability to offer a business credit card provides an important service
 for our small business customers," commented John Canning, President of CIT
 Small Business Lending.  "The MBNA program is a great way to help our
 customers meet short-term working capital needs while giving them the ability
 to better manage their business expenses."
     Customers will be able to apply for an account online, by phone, or by
 fax.  Two types of accounts will be offered, both featuring low minimum
 monthly payments:
 
     * Business Credit Card Account - no annual fee, a fixed rate
     * Business Rewards Credit Card Account - travel/merchandise reward
       enhancement with a $35 annual fee, along with a fixed rate
 
     Tom Hallman, Vice Chairman of CIT Specialty Finance, remarked, "We are
 pleased with this strategic partnership with MBNA.  Through our business
 credit card program, we look forward to building CIT brand equity and
 strengthening relationships with our small business customers."
 
     About MBNA
     MBNA Corporation (NYSE:   KRB), the largest independent credit card lender
 and a recognized leader in affinity marketing, is an international financial
 services company with $116.6 billion in managed loans, providing lending,
 deposit, and credit insurance products and services.  More than 5,000
 organizations and financial institutions worldwide endorse MBNA credit cards
 and related products and services. For more information, visit the company's
 web site at http://www.mbna.com .
 
     About CIT Small Business Lending Corporation
     CIT Small Business Lending Corporation, a business unit of CIT Specialty
 Finance, offers Small Business Administration (SBA) loans to finance business
 acquisitions, owner-occupied real estate purchases and franchise and medical
 and professional practice start-ups through a network of field
 representatives. The nation's No.1 SBA lender, CIT Small Business Lending
 Corporation has been designated a "Preferred Lender" by the SBA and can
 provide quick credit decisions and loan closings. The company's website and
 online SBA loan application are located at http://www.smallbizlending.com .
 
     About CIT
     CIT Group Inc. (NYSE:   CIT), a leading commercial and consumer finance
 company, provides clients with financing and leasing products and advisory
 services.  Founded in 1908, CIT has nearly $60 billion in assets under
 management and possesses the financial resources, industry expertise and
 product knowledge to serve the needs of clients across approximately 30
 industries.  CIT, a Fortune 500 company and a component of the S&P 500 Index,
 holds leading positions in vendor financing, factoring, equipment and
 transportation financing, Small Business Administration loans, and asset-based
 lending.  CIT, with its principal offices in Livingston, New Jersey and New
 York City, has approximately 6,000 employees in locations throughout North
 America, Europe, Latin and South America, and the Pacific Rim.  For more
 information, visit http://www.cit.com .
 
 

SOURCE CIT Small Business Lending Corporation
    LIVINGSTON, N.J., June 1 /PRNewswire-FirstCall/ -- CIT Small Business
 Lending Corporation, the nation's No.1 Small Business Administration lender
 for the last five years and a subsidiary of CIT Group Inc. (NYSE:   CIT), today
 announced that it entered into a marketing agreement with MBNA America to
 provide private-label credit card services to CIT Small Business Lending
 customers throughout the U.S.
     Under the agreement, MBNA will design, develop and administer the CIT card
 program through the MasterCard brand name and network.  Services will be
 customized to the CIT brand, and include account acquisition and
 authorization, private-label card issuance, statement generation, marketing
 services, remittance processing, and customer satisfaction.
     "The ability to offer a business credit card provides an important service
 for our small business customers," commented John Canning, President of CIT
 Small Business Lending.  "The MBNA program is a great way to help our
 customers meet short-term working capital needs while giving them the ability
 to better manage their business expenses."
     Customers will be able to apply for an account online, by phone, or by
 fax.  Two types of accounts will be offered, both featuring low minimum
 monthly payments:
 
     * Business Credit Card Account - no annual fee, a fixed rate
     * Business Rewards Credit Card Account - travel/merchandise reward
       enhancement with a $35 annual fee, along with a fixed rate
 
     Tom Hallman, Vice Chairman of CIT Specialty Finance, remarked, "We are
 pleased with this strategic partnership with MBNA.  Through our business
 credit card program, we look forward to building CIT brand equity and
 strengthening relationships with our small business customers."
 
     About MBNA
     MBNA Corporation (NYSE:   KRB), the largest independent credit card lender
 and a recognized leader in affinity marketing, is an international financial
 services company with $116.6 billion in managed loans, providing lending,
 deposit, and credit insurance products and services.  More than 5,000
 organizations and financial institutions worldwide endorse MBNA credit cards
 and related products and services. For more information, visit the company's
 web site at http://www.mbna.com .
 
     About CIT Small Business Lending Corporation
     CIT Small Business Lending Corporation, a business unit of CIT Specialty
 Finance, offers Small Business Administration (SBA) loans to finance business
 acquisitions, owner-occupied real estate purchases and franchise and medical
 and professional practice start-ups through a network of field
 representatives. The nation's No.1 SBA lender, CIT Small Business Lending
 Corporation has been designated a "Preferred Lender" by the SBA and can
 provide quick credit decisions and loan closings. The company's website and
 online SBA loan application are located at http://www.smallbizlending.com .
 
     About CIT
     CIT Group Inc. (NYSE:   CIT), a leading commercial and consumer finance
 company, provides clients with financing and leasing products and advisory
 services.  Founded in 1908, CIT has nearly $60 billion in assets under
 management and possesses the financial resources, industry expertise and
 product knowledge to serve the needs of clients across approximately 30
 industries.  CIT, a Fortune 500 company and a component of the S&P 500 Index,
 holds leading positions in vendor financing, factoring, equipment and
 transportation financing, Small Business Administration loans, and asset-based
 lending.  CIT, with its principal offices in Livingston, New Jersey and New
 York City, has approximately 6,000 employees in locations throughout North
 America, Europe, Latin and South America, and the Pacific Rim.  For more
 information, visit http://www.cit.com .
 
 SOURCE  CIT Small Business Lending Corporation

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