Report: CIT board OKs $3 billion rescue loan

While lender CIT Group cit fights for survival, many of its small and midsize business customers are lining up new lenders, and its rivals are angling for its business.

CIT may have bought itself some time. The board of CIT Group, one of the nation's largest lenders to small and midsize businesses, approved a deal with major bondholders to keep the company out of bankruptcy, two people briefed on the talks told the Associated Press on Monday.

CIT will receive a rescue loan from key bondholders hoping to keep it alive long enough to restructure its debt, these people said. They spoke on condition of anonymity because the company has not yet made an official announcement.