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It’s a company many Americans have never heard of, yet CIT Group Inc.’s scramble for survival was a big concern on Wall Street on Thursday.

As the company fights for survival, here are questions and answers about how small businesses and the broader economy are affected by CIT Group.

First of all, what is CIT Group?

It’s a century-old company that primarily provides lending to small and midsize businesses. To a much lesser extent, it also provides advisory services and leases out property such as airplanes and rail cars.

The company has been bought and sold a number of times over the years. Most recently, it was acquired in 2001 by Tyco International, which at the time was embroiled in an accounting scandal. To pay down debt, Tyco spun off CIT Group in an initial public offering in July 2002. CIT has been an independent public company since then.

Who does CIT serve?

CIT says it serves more than 1 million business customers, most of them small or midsize businesses.

Clients run the gamut but tend to be in industries considered riskier in the small-business landscape, such as restaurants and retail. Dunkin’ Donuts franchisees and Dillard’s Inc. are among the company’s clients.

As of March 31, CIT held 1.7 percent of the $1.4 trillion in commercial and industrial loans on bank balance sheets.

If CIT files for bankruptcy, would its clients’ credit lines be immediately shut down?

That depends on the type of bankruptcy. To reorganize under Chapter 11 bankruptcy, CIT Group would need to line up financing sources to enable operations to continue.

In the event that financing can’t be found, the company might have to liquidate its business and close down under Chapter 7 bankruptcy 100% approval payday loans. That would mean clients would likely not be able to tap credit lines.

How did CIT get into its current predicament?

At the height of the credit bubble, CIT made the mistake of straying into subprime lending and student loans, said Kathleen Shanley, an analyst with corporate bond research firm Gimme Credit.

The company quickly recognized its mistake and pulled back more than a year ago, but the damage was done. CIT tapped much of its own credit lines in March of last year and ever since has had trouble finding funding, Shanley said.

The problem was exacerbated by CIT’s reliance on credit markets for financing, said Matthew Anderson, an analyst with Standard & Poor’s. Unlike traditional banks, CIT can’t lean on customer deposits when it needs money. And now, CIT is facing $7.4 billion in debt due in the first quarter of next year.

What are the arguments for letting CIT Group fail?

CIT already received $2.3 billion in federal aid last December after converting to a bank holding company. CIT and its representatives have warned that a failure to provide additional government help could prove fatal to the small businesses that rely on it for money.

But Wall Street’s concern about CIT Group was relatively subdued — major stock markets didn’t really move much in response to the news about the company during the regular trading session.

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