With the equipment financing industry forecasted to grow 9% through 2012 1 now may be the time for companies to consider replacing outdated equipment. This topic is one of many discussed in CIT’s "2012 U.S. Equipment Financing Outlook," ( cit.com/podcastbelcastro) featuring Vince Belcastro, Managing Director and head of CIT Capital Equipment Finance for CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies.
Vince Belcastro, Managing Director and head of CIT Capital Equipment Finance for CIT Group. (Photo: Business Wire)The interview is the latest installment of CIT’s award-winning “5 Minute Capital” ( 5minutecapital.com) podcast series, featuring senior CIT executive commentary on current market conditions and industry trends. Poised For Growth According to Belcastro the equipment financing sector is poised for growth, commenting, “We’re seeing a great deal of opportunities now, and hearing discussions around equipment managers’ and finance managers’ desires to invest in new technology.” Time to Invest In CAPEX “Companies over the past few years really have limited their capital expenditures due to uncertainty in the economy,” Belcastro continues. “The industry is at an inflection point where it no longer makes economic sense to continue to invest in old or outdated equipment, which is helping to fuel the equipment [financing] market.” Financing Alternative for Private Equity Firms Private equity firms looking for financing can utilize equipment financing, Belcastro says, since “it gives them different financing alternatives to better structure a leveraged buyout transaction or financing for their various portfolio companies.” To hear the complete podcast and view the transcript, visit: cit.com/podcastbelcastro EDITOR’S NOTE: Individuals interested in receiving corporate news releases can register at cit.com/newsalerts or subscribe to the RSS feed at cit.com/rss. About CIT Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in finance and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank, BankOnCIT.com, its primary bank subsidiary and an FDIC-insured online bank that offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com 1 EQUIPMENT LEASING AND FINANCING ASSOCIATION. Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50183870&lang=en