Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of Dec. 31, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information, visit cit.com.
General Job Summary:
Commercial Services is one of the nation's leading providers of factoring and financing to consumer product companies. We tailor financial solutions that help companies of all sizes increase sales, improve cash flow, reduce operating expenses and eliminate customer credit losses. Commercial Services specialize in serving consumer product companies with $2 million or more in annual sales.
Our products include:
Asset Based Loans
Bulk Sale of Accounts Receivable
Receivable Exposure Management (REM)
Supply Chain Finance
The Vice President Business Development Officer’s primary responsibility is to increase new business by identifying, sourcing, and closing viable prospects for Factoring and Asset-Based Lending deals across a variety of industries, with an emphasis on core industries within an assigned geographic territory. The individual is responsible for independently developing and implementing the sales strategy, identifying appropriate referral sources and prospective clients. This position is based in New York.
Principle Duties and Responsibilities:
Research and identify new and viable direct prospect opportunities. Originate transactions through direct calling on companies
Identify and nurture intermediary relationships (CPA’s, attorneys, bankers, turnaround professionals, investment banks, private equity funds and other appropriate intermediaries)
Develop and conduct prospect meetings and ultimately issue deal proposals by applying an understanding of the prospect’s industry and unique financial needs
Partner with the underwriting team to tailor solutions to meet the prospect’s unique needs while effectively managing CIT’s risk exposure; manage prospect expectations throughout the deal process ensuring a successful close
Identifying opportunities to cross-sell products/services as appropriate
Identify and attend relevant and appropriate industry and regional events and trade shows for networking and new business opportunities as appropriate
At least 25% business travel required to cover assigned geographic region
Manage sales activities in SalesForce.com
Education & Experience:
Bachelor’s degree in Business, Economics, Finance or related field required; MBA desired;
Minimum 5-10 years’ experience in Business Banking / Commercial Lending; factoring preferred.
Ability to source leads and convert prospects to clients
Demonstrated presentation sales, negotiation and influencing skills
Demonstrated success working collaboratively to achieve team goals
A general knowledge of lending deal structuring
Proficient computer skills, including the ability to develop and maintain a contact database and maintain records in SalesForce.com
Knowledge of/or experience in consumer product industries like Apparel, Textile, Consumer Electronics, Housewares, Toys, Sporting Goods, or Hardware industries a plus