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Midmarket Push

February 25, 2011

American Banker

Former CIT Group executive Marc Adelson has joined Capital Business Credit, a factoring and asset-based lending firm intent on expanding into midmarket lending.

With Adelson’s arrival, Andrew Tananbaum, the company’s president and CEO, will relinquish those roles and become executive chairman.

As the co-president of CIT Business Capital for most of the past decade, Adelson oversaw the unit’s growth to $7 billion of assets. At Capital Business Credit, he will emphasize commercial lending in addition to the asset-based loans that have traditionally been CBC’s focus. Midmarket clients have been underserved by traditional banks, CBC’s announcement said, and it intends to offer financing of up to $20 million.