CIT Small Business Lending Corporation Finances Meineke Car Care Center Franchise, Playing a Role in the Revitalization of Downtown Scranton

Ribbon cutting ceremony scheduled for June 30, 2003

SCRANTON, Pa., June 18 -- CIT Small Business Lending Corporation, the nation's No. 1 Small Business Administration lender for the last three years and a subsidiary of CIT Group Inc. , today announced the completion of a comprehensive minority loan package for a start-up Meineke Car Care Center franchise in Scranton, Pennsylvania. Meineke is the nation's second largest undercar specialist and has more than 900 operating franchises in the United States and Canada.

With the assistance of the Scranton's mayor, Christopher Doherty, and the Office of Economic and Community Development, local businessman David Brumfield opened the Meineke Car Care Center in downtown Scranton in April 2003. Brumfield's Meineke franchise is one of many initiatives in Mayor Doherty's downtown revitalization plan, which focuses on attracting retail, office, entertainment and regional recreation to the area.

"We are proud to play a significant role in the revitalization of downtown Scranton," said CIT Regional Account Manager Bob Morris. "With more than three years of management experience, David Brumfield decided to pursue his entrepreneurial dream and approached CIT for financing a Meineke franchise. CIT Small Business Lending Corporation is dedicated to strengthening local economies through SBA lending, specifically minority-owned business financing, and we continue to assist entrepreneurs achieve their small business ownership goals."

The official ribbon cutting ceremony will take place at the Scranton Meineke Car Care Center, 313 Mulberry Street, on Friday, June 30, 2003 at 11:30 a.m. Mayor Doherty will be on hand for the celebration.

About CIT Small Business Lending Corporation

CIT Small Business Lending Corporation offers Small Business Administration (SBA) loans to finance business acquisitions, owner-occupied real estate purchases and franchise start-ups through a network of field representatives. The nation's No. 1 SBA lender, CIT Small Business Lending Corporation has been designated a "Preferred Lender" by the SBA and can provide quick credit decisions and loan closings. The company's website and online SBA loan application are located at www.smallbizlending.com.

About CIT

CIT Group Inc. , a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has nearly $50 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company, holds leading positions in vendor financing, U.S. factoring, equipment and transportation financing, Small Business Administration loans, and asset-based and credit-secured lending. CIT, with its principal offices in New York City and Livingston, New Jersey has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit www.cit.com.