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CIT receives remaining $1 billon of $3 billion loan

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August 07, 2009 9:22 AM

From the Associated Press:

NEW YORK - Commercial lender CIT Group Inc., which is trying to avoid filing for bankruptcy protection, said Friday that it has received the remaining $1 billion available under a $3 billion credit agreement and is suspending preferred dividend payments.

The company, which is one of the nation's largest lenders to small and midsize businesses, said it will use a substantial portion of the new borrowing to support its small and middle market customers.

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