However, small businesses have many options regarding financing and loan sources right in the their hometowns. CIT's competitors include larger commercial banks, such as Wells Fargo & Co. and Bank of America Corp.; General Electric Co.'s General Electric Capital Corp.; and some regional and community banks. Another source are credit unions.
“Businesses must be aware that credit unions can only lend to their members,” explained CUNA VP of Communications, Patrick Keefe. “Credit unions have traditionally had products targeted to consumers. So business lending is a new growth area, although some credit unions have been making business loans since their inception.
And there is the U S government itself. Programs are available through the U S Small Business Administration.
