As a possible bankruptcy filing looms for CIT Group Inc., one of the nation's largest small business lenders, credit unions may not have a choice in bracing for a wave of firms looking to revive their collapsed financing agreements.

CIT, a New York-based bank holding company, operates in 50 countries across 30 industries and is considered a financing powerhouse with more than 1 million customers and $60 billion in finance and leasing assets.

However, the 101-year old lender is in deep financial trouble. Disruptions in the credit market that started in 2007 led to CIT withdrawing from the unsecured debt market, which is historically a significant source of liquidity, the company said in a July 20 SEC Form 8-K filing. As a buffer, CIT chose to draw down on the full amount of its bank credit facilities in March 2008, which brought on more pressure to its funding situation. Downgrades in CIT's short- and long-term credit ratings in March 2008, April 2009 and June 2009 "have materially worsened these general conditions and had the practical effect of leaving the company without access to the commercial paper market and other unsecured debt markets."