Days after emergence from Chapter 11 bankruptcy, CIT Group Inc. said today it has taken the first step in its $500 million commitment to small businesses by waiving its $1,000 fee on SBA 7(a) loan applications.

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The $1,000 packaging fee waiver on approved SBA 7(s) loans is effective immediately through March 10, 2010, CIT said. The company previously said it will commit $500 million to support its small business lending group to fund the SBA's 7(a) and 504 lending programs, as well as $1 billion in funding for its vendor financing operating segmentCIT emerged from Chapter 11 bankruptcy Dec. 10

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