Middle market executives, whose companies take in more than $6 trillion in revenues and employ more than 30 million people annually1, are expressing renewed optimism in their business prospects compared to a year ago. However, despite this positive outlook they are concerned about potential tax increases, government regulations, compliance with the Affordable Care Act and the current strength of the U.S. and global economies. These are just a few of the findings contained in a new study, CIT: Voice of the Middle Market – Perspectives from the Heart of the U.S. Economy (cit.com/middlemarketoutlook), released today by CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of financing and advisory services to small businesses and middle market companies.
“Our study shows that middle market executives are optimistic about their future, but temper this optimism over concerns related to taxes, government regulations and compliance with the Affordable Care Act,” said John A. Thain, Chairman and Chief Executive Officer of CIT. “As one of the leading job creators in the United States and the economic backbone of America, middle market companies are looking to grow their businesses but feel greater attention needs to be paid to the policies that directly affect their companies and their concerns on Capitol Hill.”
Additional information about CIT: Voice of the Middle Market: Perspectives from the Heart of the U.S. Economy, including the full executive report, infographics and related materials, can be found at cit.com/middlemarketoutlook.
1 According to U.S. Census data.
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About the Survey
KRC Research, on behalf of CIT, fielded an online survey among 301 U.S. middle market executives representing a range of industries. Researchers conducted fieldwork in August of 2013. In order to be eligible to participate in the survey, respondents had to be in a leadership role at firms with revenues between $25 million and $1 billion, the majority of whose employees were based in the United States. Researchers defined leadership roles as: Owner, Board Member, C-Suite Executive (Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Chief Information Officer, Chief Investment Officer, or other C-Suite title), or SVP/VP/Director.
Founded in 1908, CIT (NYSE:CIT) is a bank holding company with more than $35 billion in financing and leasing assets. It provides financing and leasing capital and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and vendor finance. CIT operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its online bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com
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