Major Business Lender Against Ropes

By Dennis Romero

Opinions expressed by Entrepreneur contributors are their own.

CIT, 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.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Innovation

4 Ways Market Leaders Use Innovation to Foster Business Growth

Forward-thinkers constantly strive to diversify and streamline their products and services, turning novelties into commodities desired by many.

Business News

JPMorgan Shuts Down Internal Message Board Comments After Employees React to Return-to-Office Mandate

Employees were given the option to leave comments about the RTO mandate with their first and last names on display — and they did not hold back.

Business News

Your Old Apple AirPods Can Soon Act as an Over-the-Counter Hearing Aid, According to the FDA

The new software is compatible with the Apple AirPods Pro and accessible through iOS — for free and now FDA-authorized.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Leadership

From Elite Athletes to Tech Titans — Discover the Surprising $100-Million Habit That Leads to Extraordinary Success

Success comes from mastering focus, eliminating distractions and prioritizing what truly matters.

Side Hustle

'Hustling Since Middle School': She Started a Side Hustle on Facebook Marketplace — Then a 'Game-Changer' Grew It to $25,000 a Month

Leena Pettigrew's "entrepreneurial spirit" inspired her to build a business with earnings that outpaced her full-time income.