Goldman Sachs has agreed to provide CIT Group with $3bn in financing, a move that marks the first step in what could grow into a more substantial partnership.

CIT, a commercial and consumer finance company whose businesses depends on its ability to win short-term financing, nearly suffocated from a lack of access to funding back in March. It drew down $7.3bn in emergency lines of credit at that time and pledged to sell off assets to meet funding requirements.