July 31, 2009
Dear Clients and Industry Associates:
CIT Trade Finance is one of the nation’s oldest providers of factoring and financing services. The companies that have placed their confidence in us – our clients – range from family owned and operated manufacturers to global publicly traded corporations. Given our visibility and role in the apparel, furniture, housewares and retail industries, we are sensitive to the impact of our parent company’s recent financial challenges on our clients and their customers.
To demonstrate our parent company’s commitment to support CIT Trade Finance and our clients, CIT Group Inc. has provided $1 Billion of the proceeds from its recently announced financing to CIT Trade Finance. These funds are in addition to other available funding. We believe we have sufficient liquidity to meet our obligations and our clients’ needs while our parent company implements its restructuring plan.
CIT Trade Finance remains open for business. We are actively reaching out to and working with our clients to ensure they continue to access our services needed to run their business. Credit is being checked, invoices are being collected and funds are being remitted.
We are extremely proud of the breadth of trade finance solutions and depth of expertise that CIT Trade Finance brings to our clients and the industries they serve. The many generous expressions of support received from clients, retailers and trade associations across the nation are a testament to our business relationships and critical role in these industries. The employees of CIT Trade Finance thank you for speaking so forcefully and thoughtfully on our behalf in recent weeks.
We pride ourselves on our longstanding support of small and middle-market consumer products companies, the sectors that will power the economy’s recovery. Working together, we hope to transcend the current challenges, and continue the productive relationships with our clients and retail customers which we have worked so hard to build for so many years.
Thank you for your continued support.
Sincerely, |