Invoice Factoring Blog

Link: http://www.ifgnetwork.com

The Interface Financial group, Inc. (IFG) stands ready to aid businesses who experience loss of funding due to the CIT Group, Inc. (CIT) reorganization. CIT provides business loans, financial services and financing solutions worldwide and is one of the largest sources for providing working capital to small business and medium-sized businesses in the United States. The company announced a prepackaged plan of reorganization on November 1, 2009 to restructure the Company’s debt and streamline its capital structure. IFG provides short-term financial resources including single invoice factoring to companies in the United States, Canada, Australia, New Zealand, and Singapore.

Retail analysts are predicting that customers of CIT, small retailers and suppliers, could have a difficult time obtaining financing after the holidays. According the SCORE association (www.score.org) there are an estimated 29.6 million small businesses in the United States that employ more than half of the country’s private sector workforce.

“It is small and medium-sized companies that rely on CIT for short-term financing. We hope that filing for Chapter 11 will help CIT to go through reorganization quickly so that the company can continue fueling small businesses with necessary cash flow,” said George Shapiro, chief executive officer, The Interface Financial Group, Inc. “In a mean time, IFG is here to provide short-term solutions to assist those in need of funding.”

CIT disclosed that it expects the in-court process to be completed by the end of the year and none of its operating subsidiaries, including CIT Bank, its business segments or international business operations, are part of the filing.