CIT Group Inc, a leading provider of financing to small businesses and middle market companies, today announced the successful closure of a new $1 billion US vendor finance facility.

The conduit facility, administered by Barclays Bank Plc involving three additional banks as committed lenders, supplements the recently closed $667 million TALF eligible equipment securitisation, CIT said in a release.

CIT said the new financings will further support its lending to the small business and middle market customers. The new private facility will allow CIT vendor finance to fund both existing assets and new originations, it said.

The revolving period of the facility will expire in March 2011 and the facility has a final maturity in 2018.

CIT had on Monday announced an expansion of its factoring relationship with LF USA Inc, a subsidiary of Li & Fung, the world's leading consumer goods supply chain management company.

"LF USA has been an important client of CIT's for more than six years"