| Takeaway | What It Means |
| 🏦 Now First Citizens | CIT Group merged into First Citizens BancShares in January 2022; legacy CIT lending now runs inside First Citizens Bank. |
| 💼 Product Range | Working capital loans, equipment financing, 7(a), 504, and Express options, plus real estate financing. |
| 🏢 Branch Application | No online lending application; borrowers apply through First Citizens branches across 22 states. |
| 🔍 Undisclosed Pricing | Interest rates, fees, and qualifying criteria are not published; applicants learn their numbers only after speaking with a banker. |
| ⚖️ Mixed Reviews | Better Business Bureau ratings put CIT Bank at A- without accreditation, and Trustpilot customer service sentiment skews negative. |
| 🔀 Marketplace Alternative | One application through United Capital Source reaches 80+ lenders, including revenue-based options with a 475+ FICO network floor. |
United Capital Source, a full-service concierge business funding marketplace, reviews what CIT provides small businesses under First Citizens Bank.
| Signal | Detail |
| Loan types | Working capital, equipment financing, 7(a), 504, Express, commercial real estate |
| Funding amounts | SBA 7(a) to $5 million; 504 to $5 million for each project; legacy working capital to $250,000 |
| Rates and fees | Not published for business loans as of July 2026 |
| Credit floor | Not published; a 640 minimum was reported for certain legacy CIT loans |
| Application | In person through First Citizens branches (22 states); no online application |
| Deposit insurance | FDIC insured at First-Citizens Bank & Trust Company |
Search for a CIT business loan, and you land in a rebrand. The lender that spent a century financing equipment and commerce now operates inside a larger bank, and its products have moved.
CIT Group Inc. merged into First Citizens BancShares in January 2022. CIT Bank now offers online deposit accounts, while lending, equipment financing, and SBA programs are offered through First Citizens Bank.
United Capital Source is a full-service concierge business funding marketplace. Since 2011, our team has helped 40,000+ businesses access over $1.6 billion in funding across an 80+ lender network. This review covers what CIT offers, what it costs, and when a marketplace is better for you.
In this review, we’ll answer the following questions and more:
CIT Group Inc. is a commercial lending institution that now operates as part of First Citizens Bank. Founded in 1908 as the Commercial Investment Trust, CIT grew into a financial holding company that provides financing, leasing, and advisory services, principally to middle-market companies and small businesses. The company’s headquarters are in New York.
The company grew through acquisition: the Direct Capital platform in 2014, OneWest Bank retail branches in Southern California, and Mutual of Omaha Bank in 2020, each folded into its bank subsidiary. CIT reported roughly $50 billion in assets as of March 31, 2018, as an independent financial holding company.
First Citizens BancShares announced the acquisition by press release in October 2020, and the merger closed in January 2022. CIT ceased trading and became a subsidiary of First-Citizens Bank & Trust Company, folding its commercial credit, project finance, and treasury operations into the larger bank.
Today, CIT Bank is the online banking brand of the parent company, holding customer deposits in savings accounts, money market accounts, certificates of deposit, and checking account products, all FDIC-insured. Business borrowers are routed to First Citizens for loans.
CIT’s business lending today spans working capital loans, equipment financing, SBA loans, and commercial real estate. The routing matters: cit.com now carries consumer deposit products, so business borrowers apply through the parent bank, and the equipment arm operates as First Citizens Bank Equipment Finance. The bank also maintains three types of business credit lines, branded Business EquityLine, Capital Manager, and Capital Line.
Legacy CIT working capital loans reached $250,000 and covered everyday expenses: business inventory purchases, marketing, payroll, and seasonal gaps in cash flow. Customers repaid through automatic daily or weekly payments deducted from the business checking account, a structure suited to steady deposits.
Weekly payments compress the schedule, so a business needs consistent revenue to manage them without straining operating cash.
Equipment financing is the strongest thread in the CIT lineage. Businesses can finance new or used equipment, leverage existing machinery as collateral, or structure a lease. Legacy CIT programs reached $1 million with financials; current equipment loans top out at $500,000 with 12- to 72-month terms.
Picture a Raleigh landscaping contractor financing a $180,000 excavator on a 60-month term: the file clears branch underwriting in about two weeks, with the machine securing the loan. CIT has historically funded equipment customers in as little as one to two business days once approved.
First Citizens holds SBA Preferred Lender status and processes 7(a), 504, and Express applications for business customers. SBA 7(a) loans reach $5 million and fund working capital, acquisition, and expansion. The SBA 504 program finances commercial real estate and fixed assets up to a $5 million ceiling per project, and the SBA Express term loan option covers $50,000 to $350,000 with faster decision-making.
SBA loans carry longer terms and lower interest rates than conventional debt, in exchange for meeting SBA size standards. A Columbia, South Carolina manufacturer buying a $2.1 million facility might pair a 504 structure with a 25-year repayment term.
Beyond SBA structures, First Citizens originates owner-occupied commercial real estate term loans and brings project finance resources to larger middle-market files.
| Product | Amount | Term | Repayment |
| Working capital loans | Up to $250,000 (legacy program) | 6 months to 5 years | Daily or weekly payments |
| Equipment financing | $500,000 current cap; legacy to $1 million | 12 to 72 months | Monthly loan or lease payments |
| 7(a) | $5 million maximum | Up to 25 years | Monthly |
| 504 | $5 million apiece | Up to 25 years | Monthly |
| Express | $50,000 to $350,000 | Up to 10 years | Monthly |
CIT and First Citizens do not publish business loan interest rates for commercial borrowers. There is no rate sheet, no fee schedule, and no stated annual percentage rate, so the application itself becomes your price discovery. For customers with strong, patient files, that is tolerable; on a deadline, it is a real cost.
Some reference points help. Legacy CIT working capital loans started near 5.49% for well-qualified borrowers, a figure that predates today’s rate environment. SBA loans price off the prime rate within program caps, so Federal Reserve data gives you a floor to reason from; interest rates on equipment and real estate files depend on collateral, credit, and relationship.
Here is the math borrowers actually ask for. On a $100,000 business loan at an illustrative 9% APR over a 5-year term, the monthly payment is about $2,076, and the total interest is roughly $24,500 over the life of the loan.
Structure moves cost as much as rate does. Daily or weekly payments effectively shorten the borrowing period, while a 25-year amortization minimizes the monthly payment but maximizes total interest. Compare offers on total debt repayment and monthly cash impact, not the headline rate, and confirm every figure in writing, since numbers change with market conditions and the date you apply.
Qualifying criteria for CIT Bank borrowers are not published. As of March 2026, First Citizens states that there is no minimum credit score, time in business, or annual revenue, though a 640 minimum was reported for certain legacy CIT loans. Underwriting of this kind favors established small businesses with two or more years operating and documented revenue.
Prepare the file as the bank will read it: business bank statements, tax returns, financial statements, a debt schedule, and quotes for financed assets. Strong deposit accounts and clean cash flow carry real weight, because the bank is judging whether the business can absorb the payment.
Credit-challenged files face a harder road here than at revenue-based lenders. A Tampa restaurant operator at 590 FICO, declined by a traditional bank, was funded $75,000 in two business days through the United Capital Source lender network, where revenue-based products carry a 475+ FICO floor. Small business owners in that range should weigh both paths before committing weeks to a bank application.
Completing the small busienss loan application means working through First Citizens branches, because there is no online business lending application. The process relies on banker conversations, and customers outside the 22-branch states have limited access.
Find a branch location and schedule time with a banker. If no branch serves your state, this path may be unavailable, and 7(a) applications are not offered in Vermont.
Bring statements for your business accounts, tax returns, financial statements, and details on what you are financing. Complete documents shorten every later step.
The banker matches customer needs to a product: working capital, equipment financing, an SBA structure, or real estate. Ask for rates, fees, and repayment terms in writing, since none are published in advance.
The bank reviews credit, cash flow, collateral, and the deposit relationship, then issues notice of its decision. Approval dates vary: equipment files move in days; SBA loans take weeks.
Sign final documents, satisfy collateral filings, and receive funds to your business account. Confirm the payment notice cadence and first withdrawal date so you can manage repayment without cash flow surprises.
CIT’s strengths and weaknesses both flow from its size, resources, and bank structure. Deposits are FDIC-insured, and the institution is in good regulatory standing, so the safety of funds is not a concern. Friction shows up in service and transparency: customers report slower processes than fintech lenders.
Third-party signals as of March 2026: Better Business Bureau ratings put CIT Bank at A- without accreditation, and close to 500 Trustpilot reviews average to a weak customer service score. Many complaints concern consumer deposit accounts rather than business lending; business customers more often cite slow communication than funding failures.
| Pros | Cons |
| Large institution with deep equipment financing expertise | No online application; branch network limited to 22 states |
| Full SBA product set with Preferred Lender processing | Rates, fees, and qualifying criteria not published |
| FDIC-insured deposit accounts and strong regulatory standing | Customer service reviews skew negative on Trustpilot |
| Funds equipment files in as little as two business days | Focus favors middle market companies over smaller files |
| Wide industry coverage | Merger-era branding creates confusion about where to apply |
The right alternative depends on which problem you are solving. When the money has to arrive this week, revenue based financing and merchant cash advance structures fund within days: a Phoenix HVAC company needing $60,000 for a compressor replacement in 72 hours is unable to wait on branch scheduling, and files like that fund in one to two business days through the United Capital Source network.
Customers comparing on price can pursue government-backed loans elsewhere, inventory-heavy retailers may prefer a revolving business credit line, and invoice-driven companies can factor receivables to free up funds. Small business owners with credit challenges or in an industry banks avoid can access revenue-based options with one application to 80+ lenders, matched by a dedicated funding specialist.
CIT suits established, patient files: equipment-heavy borrowers, middle market companies, and businesses that value integrated banking, treasury, and advisory services under one roof. For fast working capital or a credit-challenged file, the structure works against you, and businesses outside the branch states may lack access entirely.
A marketplace removes that single-institution risk. When a file stalls, a United Capital Source funding specialist in Garden City repackages it to the next matching lender within 48 hours, with no paperwork needing to be restarted.
Based on user reviews, lending products, and available information, we rate CIT Group, Inc. at a 3 out of 5. The company’s size and resources are advantageous, but its negative customer reviews, lack of transparency, and focus on middle-market companies make it less than ideal for small business financing.
| “A bank like this can be exactly right for the borrower with time, collateral, and clean financials. Our job is to tell you honestly when that is you, and when your file will do better with a lender who underwrites the way your business actually runs.”
— Jared Weitz, CEO and Founder of United Capital Source |
Not directly. CIT Bank focuses on online deposit products; lending from the CIT lineage runs inside First Citizens Bank, where customers apply at a branch.
Yes. CIT Bank offers savings and money market accounts online, and First Citizens provides business checking accounts and treasury services that help commercial customers manage cash.
Yes. Deposits are held at First-Citizens Bank & Trust Company, and customer money and deposit accounts are FDIC-insured within federal limits. Service reviews are mixed, but the safety of funds is not in question.
No. Despite the similar names, the two are unrelated, and CIT is not an investment company tied to Citigroup. CIT stands for Commercial Investment Trust, the original 1908 name.
First Citizens BancShares acquired CIT Group in January 2022, and CIT now operates as one of its divisions.
At an illustrative 9% APR over a 5-year term, you pay about $1,038 per month. Actual payments depend on the rate, term, fees, and funding date in your approved offer.
If CIT’s branch process does not fit your timeline or profile, apply once through United Capital Source and let our specialists match your file across 80+ lenders. Qualified customers can be funded in as little as one business day.
| One Application, 80+ Lenders
Get matched with the lender positioned to fund your file, from working capital to SBA. |
Disclaimer:
This CIT Group review is for informational purposes and reflects figures available as of July 2026, the publication date. Business lending terms change; verify current rates and requirements with the lender, the federal Small Business Administration, and a qualified CPA before borrowing.
The CIT trademark is owned by First-Citizens Bank & Trust Company, and its use herein is for reference purposes only, and it does not indicate sponsorship or endorsement from First-Citizens Bank & Trust Company.
Jared Weitz is the Founder & CEO of United Capital Source (UCS), one of the nation’s fastest-growing business financing marketplaces. Since founding the company in 2011, Jared has built a technology-enabled platform that has facilitated over $1.6 billion in funding to more than 40,000 businesses across the United States. Under his leadership, UCS has evolved into a full-service marketplace that connects business owners with 80+ lenders while providing hands-on guidance throughout the entire funding process. Rather than selling client information like most lead generation companies in the business loans space, UCS works directly with each applicant—leveraging technology and experienced funding professionals to match businesses with the right financing options, structure deals, and guide them from application through funding and future growth. Jared’s work has earned national recognition, including the National Commercial Loan Broker of the Year award in 2019, and placements on the Inc. 5000 list in 2015 and 2017. He also serves as Broker Council Co-Chairman for the Small Business Finance Association, where he helps advocate for expanded access to capital for small businesses nationwide.
