A Chapter 11 filing usually means the end of the road for financial companies since they rely so heavily on customer trust. CIT Group Inc. is hoping that its case will be different.

The commercial lender's trip through bankruptcy reorganization may well be speedy given that it has already reached agreements with creditors on restructuring its debt. But the real test will come from CIT customers, who could decide to take their business elsewhere.

"Their image is tarnished right now," said Len Blum, a managing partner at investment bank Westwood Capital. "They have an uphill climb because they are only worth the value of the portfolio," Blum said of CIT's pool of loans it has extended to customers.

Just as a bank would fail if all of its depositors tried to get money out at the same time, CIT wouldn't be able to survive if too many of its customers close their accounts. Some have already been pulling their business in recent months as CIT struggled for survival, but it's still too early to know how many will remain.

CIT is one of the nation's biggest lenders to small and mid-sized businesses, providing financing to an array of businesses including retailers, energy companies, a movie studio, and operators of Dunkin' Donuts stores.

One factor playing in CIT's favor is that tight lending conditions would make it tough for customers to leave. CIT also provides specialized types of financing services that relatively few competitors offer.

"Without many alternatives in place, and an environment of risk adversity, they still have a place in the market," said Scott Stuart, a senior managing director of bankruptcy management firm Donlin Recano & Co. Even with those advantages, analysts say it's still anyone's guess whether CIT can pull it off.

CIT filed for Chapter 11 bankruptcy protection Sunday. The company ran into trouble as rising costs to finance its operations outpaced the money it took in from providing loans. The pre-arranged plan with creditors will reduce its debt by about $10 billion.

The government gave CIT $2.3 billion last fall, though there is little hope of that being recovered. Stockholders would also be wiped out under the plan. The government declined a plea from CIT this summer for more.

CIT was founded in St. Louis in 1908 by Henry Ittleson, who had worked as a dry goods retailer, real estate agent and stockbroker, according to the company history. Early clients included Monsanto. But by 1915, much of its business was coming from the east and Ittleson moved the headquarters to New York.

Today, CIT is a relatively small presence in St. Louis. It has a small-business lending office in Chesterfield, but local bankers don't consider it a major competitor. However, it plays a big role in certain niche businesses, including apparel.

Jim Gallagher of the Post-Dispatch contributed to this report.