CIT’s asset-based lending business has inked an agreement with global retailer Utopia Deals to supply the company with a $35 million revolving credit facility.
CIT, a division of First Citizen’s Bank, is providing Plainview, New York-based Utopia Deals with working capital to continue expanding its retail operations, the lender announced Tuesday.
Utopia Deals focuses on hospitality, care and fitness, and sells bedding, home improvement products, towels and kitchen accessories through multiple marketplaces.
CIT’s asset-based lending business is a division of its commercial finance business.
Raleigh, N.C.-based CIT originated nearly $4 billion in new business volume in 2021 and $16.2 billion in managed assets at yearend, according to the Monitor 100.