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THE CIT GROUP/VENTURE CAPITAL LICENSED BY U.S. SMALL BUSINESS ADMINISTRATION AS SBIC

 THE CIT GROUP/VENTURE CAPITAL LICENSED BY
 U.S. SMALL BUSINESS ADMINISTRATION AS SBIC
 LIVINGSTON, N.J., July 29 /PRNewswire/ -- A newly formed organization, The CIT Group/Venture Capital, Inc., has been licensed by the U.S. Small Business Administration (SBA) as a Small Business Investment Company (SBIC), with a charter to provide capital for growing companies, it was announced today.
 "SBICs are privately owned and operated investment firms which provide venture capital to small businesses for growth and expansion," said Albert R. Gramper, president and chief executive officer of The CIT Group, Inc. "The CIT Group/Venture Capital enables us to expand our role with entrepreneurial businesses in need of growth capital. Small businesses are an important growth engine for our economy and provide a significant portion of new job creation in the U.S.," he added.
 Paul J. Laud, president, will head the new company. "We're excited by the opportunities that exist in the marketplace. There are many innovative, young companies out there that could use our help," said Laud. "We contribute not only financial capital, but also offer human capital as well, in the form of strategic and tactical guidance," he added.
 The CIT Group/Venture Capital will finance small firms in a number of ways, including equity investments or long-term loans with equity features. Target companies must meet a number of SBA criteria to qualify as a small business, including maximum levels of net income, net worth and number of employees.
 The CIT Group/Venture Capital, Inc. is an operating unit of The CIT Group Holdings, Inc., a company of The Dai-Ichi Kangyo Bank Limited, the largest bank in the world, and Chemical Banking Corporation (NYSE: CHL), one of the largest banks in the United States.
 For more information on The CIT Group/Venture Capital, Inc., contact: Paul J. Laud, president, The CIT Group/Venture Capital, Inc., 650 CIT Drive, Livingston, N.J. 07039, 201-740-5181, or 201-740-5051.
 /delval/
 -0- 7/29/92
 /CONTACT: Michael J. McGowan of The CIT Group/Venture Capital, 201-535-3506/
 (CHL) CO: The CIT Group/Venture Capital, Inc.; U.S. Small Business
 Administration ST: New Jersey IN: FIN SU:


JS-CC -- PH006 -- 4429 07/29/92 08:44 EDT
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Date:Jul 29, 1992
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