This past Sunday, CIT Group Inc., the 101-year-old commercial lender, filed for bankruptcy. This filing is NOT good for American businesses, as CIT Group funds, via providing loans and working capital, about 1 million businesses. CIT's bankruptcy will not only prove difficult for the small and medium-sized businesses that rely on CIT's working capital loans. But, it hurts the thousands of startups who planned to approach CIT for startup business financing; with the bankruptcy, it is highly unlikely that CIT will be able to make the same number of new loans as before. It is for reasons such as…

