Commercial lender CIT lifted a credit clampdown on JCPenney yesterday as the retailer said it has “ample liquidity” in a bid to ease concerns about its business.

CIT officials, after imposing a credit hold earlier this week that restricted routine approvals for some apparel deliveries to Penney stores, scrambled yesterday to clear a backlog of requests that had piled up amid the temporary tightening, sources said.

“My clients are being told [by CIT] that they’re working on it and trying to get to everybody as fast as they can,” said Bob Carbonell of Bernard Sands, an apparel-industry credit consulting firm.

CIT initiated its hold on Penney accounts Tuesday and left it in effect until early yesterday, sources said.

Penney shares, which had plunged more than 10 percent Wednesday on The Post’s report that CIT had tightened credit for its smaller suppliers, yesterday lost 2 cents to close at $14.58.

Penney yesterday denied that CIT was clamping down on its vendor accounts, saying it was told by CIT that it was in good standing. Penney said it expects to end the current quarter with $1.5 billion in cash on its balance sheet.

“We do not comment on specific customers,” CIT spokesman Matt Klein said yesterday, asked about Penney’s statement.

Penney said it continues to get support from “key vendors” and noted that CIT only finances about 4 percent of its inventory shipments.