CIT troubles could mean peril for LI business
Commercial lender CIT is fighting to stay out of bankruptcy, much to the comfort of the small Long Island businesses who depend on the company.
CIT serves more than 1 million small or mid-sized businesses. Owner of the Love My Shoes chain Robert Yeganeh says if CIT goes under, he may not be able to get the credit he needs to continue carrying shoes.
CIT lends a great deal of money through minority and women-owned businesses. Long Island Association?s Matt Crosson tells News 12 small businesses have gotten little help from Washington and that banks haven't loosened lending practices enough despite receiving billions in bailout money.