Beleaguered CIT Group Inc., which so far could neither succeed in winning FDIC's Temporary Liquidity Guarantee Program nor in obtaining supplementary aid from government, is now trying to carve out a plan to convince its customers and investors.

The CIT Group is vexed that customers may drag down its credit lines in case they lose confidence in the Group.

If CIT Group Inc. does not get funds under the Temporary Liquidity Guarantee Program, the Group would default on $2.1 billion in debt, which is going to mature in Q1 of
2010.

Through its plan, CIT Group Inc. would try hard to assure its customers that the company would be able to lift funds. Part of the plan involves shifting more assets to CIT's Salt Lake City bank and moving currency to the holding company.

Earlier last year, the govt. helped the CIT Group with $2.3 billion under the Troubled Asset Relief Program.

It may be noted here that approximately 700 companies cover a sum of $3.9 billion in undrawn revolvers from CIT. Many of these companies are small businesses, which receive revolving facilities in the region of $10 million to $50 million.

CIT is the key lender to these small businesses and the collapse of the lender would leave many companies with out funds.

In the recent trading, CIT closed at $1.53, losing $0.33 a share.