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CIT Vendor Finance Expands Healthcare Equipment Finance Group

June 21, 2012, 07:50 AM

CIT Vendor Finance, a leading provider of business solutions to small and middle market companies acquiring equipment and value-added services, today announced the expansion of its healthcare equipment financing group.
The expansion includes the addition of Lou Altobelli, Jr. in Illinois, John Pack in Pennsylvania and Doreen Cropp in California. These individuals will focus on originating vendor financing programs and assisting manufacturers and resellers of healthcare equipment in financing programs for their clients. This further supplements CIT’s overall suite of products available through its various units to the healthcare market such as, asset-based loans, M&A Advisory Services, capital equipment financing via its Corporate Finance Group, and small ticket equipment financing, enabling CIT to meet the needs of healthcare companies of all sizes with all their financing needs.

“Healthcare has been a core industry for CIT for many years,” said Nick Small, Managing Director, CIT Vendor Finance, U.S. “In Vendor Finance, we see great opportunity in the healthcare equipment market, and are now placing renewed focus on equipment financing to this core industry by adding strong and knowledgeable sales talent to our team. The experience they bring and their concentration on Vendor programs, will contribute to the overall growth of CIT Vendor Finance, U.S.”

Lou Altobelli, Jr.  previously worked for U.S. Bank Equipment Finance, where he served as Vice President of Business Development for the Vendor Finance Group. Prior to the Business Development role, he was national sales manager. He also worked at GE Healthcare Financial Services as manager of Strategic Alliances for GE Ultrasound and at American Express Business Finance as Vice President of Sales for Healthcare Finance.

John Pack previously worked for Key Equipment Finance, where he served as VP of Business Development for their Global Healthcare Vendor Services division. Prior to this role he was at USXL/EverBank as Director of Relationship Management and Business Development.

Doreen Cropp previously worked for U.S. Bank Equipment Finance where she was Vice President of Business Development for Healthcare and Technology. Prior to U.S. Bank she was at Citigroup, also in a Business Development role. She also founded and served as CEO of Centaur Financial Services.

CIT Vendor Finance is a leader in developing business solutions for small businesses and middle market companies for the acquisition of equipment and value-added services. It creates tailored equipment financing and leasing programs for manufacturers, distributors and product resellers across industries that are designed to help them increase sales. Through these programs, it provides equipment financing and value-added services, from invoicing to asset disposition, to meet its customers’ needs.

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