CIT outlined a $1 million community commitment to support those affected by COVID-19. These resources will provide some immediate relief to New York City and L.A. County, the respective headquarters for the company and its bank subsidiary.
In addition, it will provide support for several community initiatives across the company’s footprint that aim to provide relief to those impacted by the pandemic, with approximately half of the funding supporting nonprofits assisting small businesses in California.
“This is an unprecedented time and one that requires proactive action. We are committed to do our part to support our communities in delivering relief amid the ongoing effects of the pandemic,” Ellen R. Alemany, chairwoman and CEO of CIT, said.
CIT’s COVID-19 community efforts include:
- An immediate grant to the California Community Foundation’s COVID-19 L.A. County Response Fund, supporting the impacts of school closures, the increased needs of health clinics and hardship assistance grants for individuals and families in L.A. County.
- An immediate grant to The New York Community Trust’s NYC COVID-19 Response & Impact Fund, supporting the essential healthcare and food insecurity needs in New York City, as well as assisting with protective equipment, cleaning supplies, technology assistance and support for financial hardship.
- Support for several community partners across CIT’s footprint that are responding to the developing needs of those impacted by COVID-19, including organizations in California that are focused specifically on small business relief.
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CIT also has taken steps to prioritize the safety and well-being of its team such as enabling remote working for the majority of employees, implementing rotational and reduced density work plans when needed, and enacting social distancing practices. The company also is providing enhanced pay plans for teammates performing essential banking services in support of customers during this period.
