Monday, July 20, 2009

CIT $3 Billion Rescue

In a last minute deal CIT will receive $3 billion from major bondholders to keep the company out of bankruptcy. This gives the company time so that it can put together a debt exchange offer to meet its debt of $7.4 billion which comes due in the first quarter of next year.
Besides loans through the SBA CIT is a major short term financier to about 2000 vendors that supply 300000 stores. According to the NY Times ,analyst say 60% of the apparel industry depends on CIT for financing.

On August 20 Small Business California will be hosting a fund raiser for San Francisco small business leaders over the last 25 years. San Francisco has a rich history of small business leadership over that time and as such has gotten passed by the voters the creation of a Charter Small Business Commission. I believe it is the only Charter Commission in the United States. Attending the event will be at least one past Mayor, members past and present from the SF Board of Supervisors and state legislators past and present. The proceeds of the event will go to Small Business California and Clinic By the Bay a Volunteers In Medicine clinic in SF.

Small Business California is always looking for ways to benefit our members. For our members only we will selectively send your emails to lawmakers, media and others where you have an opinion or problem. We have a lot of contacts and we believe your voice can be strengthened by our knowledge of where to send your thoughts. We focus on state issues so this is limited to state people. We also cannot guarantee results and will not send inflammatory comments.
Let me cite examples of where we have done this. A member contacted us on a problem they were having with EDD. We contacted Fiona Ma’s people in SF and the problem was resolved. Another member contacted us on a problem they were having with the state contractor’s license bureau and we referred them to a Governors representative and resolved the problem.
Again we cannot guarantee results but we think this is a major benefit to our members. If you are not a member we hope you will consider joining and taking advantage of this new benefit.

Scott Hauge
Small Business California
2311 Taraval Street
San Francisco, CA 94116

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