1 December 2011: Equanet and CIT partner to offer finance solutions and leasing arrangements to UK-based companies to fund IT projects
Times have never been harder for business in the UK and in the current economic climate it is often difficult to invest in critical technology. Banks haven't met their lending targets to SMEs yet companies need to free up cash flow and maximise their IT budgets. This partnership will offer vital financial solutions to these SMEs, ensuring that they meet their business needs today.
Phil Birbeck, Managing Director, DSGi Business.
Today Equanet, IT solutions provider to business, has announced that CIT Global Vendor Finance, the worldwide provider of business solutions, has become its preferred partner for all business and educational leasing arrangements. The partnership will offer value propositions, including financing, to every sector of Equanet's existing and new customer base.
Equanet will be utilising CIT's extensive experience across Europe working with multinational IT vendors and offering finance solutions to support their business growth. CIT, a member of the Fortune 500, will support Equanet by offering finance solutions for their customers, ensuring that more companies are able to meet their equipment and business requirements.
According to a survey into IT leasing and financing by the International Data Corporation, 70 per cent of companies say that availability of leasing is critical in vendor selection. (IDC's 2010 IT Leasing & Financing Survey Results: Technology Migrations and Economy Throw Wildcard into Leasing & Financing Decisions, doc #224622, September 2010.)
Recognising the importance of leasing options, particularly when IT budgets are increasingly coming under pressure, Equanet and CIT will be offering finance solutions to UK businesses which will include 0% leasing options on all of Equanet's vendor partners for hardware purchases over £1,000.
Rich Green, Managing Director for CIT Vendor Finance, Europe, said "We are very excited to be partnered with Equanet. This is a perfect opportunity to incorporate greater leasing solutions into Equanet's already extensive IT services and for both companies to develop and create relationships with UK SMEs and the private sector. CIT has experience providing financing to over half a million SMEs so we understand that our leasing agreements are a vital option for companies who demand cutting edge and competitive technology."
For more information about Equanet Finance Options, click here
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in financing 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.
About CIT Global Vendor Finance
CIT Vendor Finance is a global leader in developing business solutions for manufacturers, distributors and product resellers, and financial solutions for their approximately 425,000 small and middle market customers across all industries. We maintain relationships and develop financing programs with leading manufacturing companies that can enable increased sales. Through these programs we provide equipment financing and value-added services, from invoicing to asset disposition, tailored to their customers needs.