CIT Group Inc., back after fewer than six weeks in bankruptcy court, said it would waive a $1,000 packaging fee on loans approved under a Small Business Administration program.
The lender, which last week emerged from bankruptcy as a public company, said it would waive the fee on the federal agency’s 7(a) loan applications through March 10. CIT previously committed $500 million to support government-guaranteed loan programs for the sector.
“The small business sector remains a key driver of job creation in America,” said Chris Reilly, president of the lender’s small business unit. “These recent announcements reflect our commitment to bringing much needed credit to this sector, and to helping small businesses access the capital they need to weather this difficult economic environment.”
CIT said small businesses employ nearly 59 million Americans.
The economy began to grow again in the third quarter and unemployment fell last month. But the jobless rate remains uncomfortably high at 10 percent, and the government’s been taking pains to highlight its efforts to spur job growth, including through loan programs.
“Even though we’ve reduced the deluge of job losses to a relative trickle, we are not yet creating jobs at a pace to help all those families who’ve been swept up in the flood,” said President Obama in a speech on job creation last week. “There are more than 7 million fewer Americans with jobs today than when this recession began.”
There is still hope for the recovery, though, as employment is considered a lagging indicator. The more forward-looking equity markets have been predicting better times ahead.
Retail stocks rose 0.9 percent, or 3.88 points, to 416.40 Monday, as the Dow Jones Industrial Average advanced 0.3 percent, or 29.55 points, to 10,501.05. Both indices are within striking distance of their 52-week highs.
Shares of CIT lost 3.9 percent to close at $28.50.
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)
Discovery is collaborating with British pop artist @philipcolbert on a new line of clothing and accessories called Discovery Shark. The collection, which will launch next summer for Shark Week’s 30th anniversary, features a whimsical line of women’s and men’s bomber jackets, sweatshirts, bags and more. #wwdfashion
“I’m always a big champion of a female rapper, and I’m glad to see a new voice that feels unique and authentic that’s coming up, and I think we’re going to see more great things from her,” said @itsjeremyscott about @iamcardib, who performed at @moschino’s Art Basel Miami Beach party last night. #wwdeye (📷: @lexieblacklock)
@janellemonae’s “What’s Your Frequency?” room in @refinery29's #29Rooms made its debut this week at the opening of the Los Angeles art exhibit. “It’s about the ongoing conversation around mass surveillance, the weaponization of technology and cultural uniformity. My space was created so that we can come together and talk about the complexities of our humanity,” said Monáe. #wwdeye (📷: @bucknerphoto)
@pantone announced their Color of the Year 2018: Ultra Violet. Nearly 20 months after the musician Prince’s death, fashion is having a purple moment. Varying shades of purple appeared on spring or fall runways, from @christopherkane to @calvinklein. @gucci’s Alessandro Michele bathed his fall runway in ultra violet-colored light at one point. Pantone 18-3838 is meant to “push the boundaries of what inspires us to look upward and outward to the future.” #wwdnews #wwdfashion (📷: @kukukuba)