Banking giant starts truckin'

Financial services behemoth Citigroup is entering the transportation market, offering loans to both for-hire and private fleets. Called Citi Transportation Finance, the new division will offer financing to trucking firms with minimum annual revenues of $5-million and the potential for near-term financing needs of at least $1-million.

Citi will focus on financing new and used Class 3 to 8 trucks and trailers through a broad range of finance and lease products, including direct loans, refinancing, TRAC leases and FMV leases. Additional services will cover treasury and cash management, commercial mortgages, working capital and trade financing and investment management.