Joint venture by CIT Bank, Allstate, to provide business loans

(Reuters) – CIT Bank and Allstate Corp have entered a joint venture to provide loans to middle-market companies across various industries, the bank said in a statement on Monday.

The joint venture between CIT Bank, a unit of CIT Group Inc and Allstate, known as CIT Northbridge Credit LLC, will provide revolving and term loans from $15 million to $100 million, the bank said.