Major Business Lender Against Ropes

min read
tug-o-war.jpgCIT, a major lender to small- and medium-sized businesses today sought federal help to avoid a potential collapse.

The institution's woes could hurt already struggling businesses that rely on CIT for cash flow lines of credit that allow them to keep inventory at proper levels. As a result, some experts are speculating that consumers could see less variety on retailers' shelves come fall and extending through the holiday shopping season.

Meanwhile some critics are pointing out that the Obama Administration has failed so far to step forward with a bailout. Some are piling the CIT situation atop a litany of complaints they say add up to an anti-business administration.

"Letting them fail is another huge blow to companies in our realm," Brett Parker, chief financial officer for Strike Holdings LLC, a bowling alley chain, told the Wall Street Journal.

More from Entrepreneur

In as little as seven months, the Entrepreneur Authors program will turn your ideas and expertise into a professionally presented book.
Apply Now

Are paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.
Get Your Quote Now

Whether you are launching or growing a business, we have all the business tools you need to take your business to the next level, in one place.
Enroll Now

Latest on Entrepreneur

My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.