Due to a lack of interest, a commercial lending and leasing referral program targeted at credit unions and formed by CIT Group Inc. and MicroBilt Corp. ended in late 2008.
Launched in 2006, the MicroBilt Financial Business Loan program offered SBA loans from CIT's small business lending division and equipment financing options through CIT Office and Technology Finance, a unit of CIT Vendor Finance. The goal was to provide a way for credit unions without the resources for staff and other expenses to enter the business lending market. MicroBilt's credit union clients had access to its business loan services through an online platform.
"We thought it would be a natural fit. We didn't get a whole lot of interest in the program," said Brian Bradley, executive vice president of strategy and marketing at MicroBilt, a risk management solution provider based in Kennesaw, Ga.
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