NEW YORK, Sept. 21, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that CIT Northbridge Credit,
as advised by CIT Asset Management LLC, served as sole lead
arranger on a $45 million senior
secured credit facility for MVP Payroll Financing LLC.
Based in Chandler, Arizona, MVP
Payroll Financing provides business clients with staffing and
administrative solutions covering human resources, payroll,
workers' compensation and more.
"The continuing economic rebound is leading to growing demand
for third-party staffing solutions and associated managed
services," said Alex Campos of MVP
Payroll Financing. "We appreciated the expertise of the CIT
Northbridge team in arranging this financing to support our
operations and empower us to serve our customers."
"We worked closely with the company's leadership to understand
their needs and develop a financing package that advances their
business strategy," said Neal Legan,
who leads CIT Northbridge.
CIT Northbridge Credit is a trusted financial partner
supporting middle-market companies with a broad range of flexible
asset-based debt solutions. A joint venture advised by CIT Asset
Management, it provides revolving and term loan commitments from
$15 million to $150 million to companies across various
industries and business cycles, and serves primarily as sole
lender, agent, club participant or co-lender.
About CIT
CIT is a leading national bank focused on
empowering businesses and personal savers with the financial
agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a
financial holding company with over a century of experience and
operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC,
Equal Housing Lender). The company's commercial banking segment
includes commercial financing, community association banking,
middle market banking, equipment and vendor financing, factoring,
railcar financing, treasury and payments services, and capital
markets and asset management. CIT's consumer banking segment
includes a national direct bank and regional branch network.
Discover more at cit.com/about.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.
