If your business has been impacted by the
shrinking ranks of business lenders,
consider Versant Funding.
Versant Funding can provide your clients the
working capital they need until
lenders re-enter the market
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Fallout Forces Scramble for New Sources of Cash
The bankruptcy of CIT is unlikely to derail the broad economy, but that's cold comfort to tens of thousands of business customers the century-old
lender serves.
A bankruptcy filing has the potential to turn off one of the nation's biggest spigots for loans to small and medium businesses. It would be the largest
financial failure since regulators seized Washington Mutual Inc. last year.
"Everybody is looking for alternatives," said Rick Patterson, a partner with private-equity firm Spire Capital, whose investments include CIT
borrowers. "Capital is much less fluid in these smaller markets than in the bigger ones. This would be a severe disruption for those factories or
retailers out there who need capital."
Mr. Patterson said the financial crisis has trimmed the number of potential lenders to companies by more than half, and that will hurt businesses that
rely on a cycle of "repaying and re-borrowing" to stay alive.
"Existing borrower clients may not want to be reliant on CIT for financing given the high degree of uncertainty surrounding CIT's future" said
Michael Taiano, an analyst at Sandler O'Neill.
For More Information on Versant Contact:
Chris Lehnes
203-664-1535
clehnes@VersantFunding.com