In Brief: Small Business Big in Fleet's Incity Program

PROVIDENCE, R.I. - Fleet Financial Group said small-business lending is the fastest-growing part of its Incity community development program.

Launched 18 months ago, Incity represents an $8 billion commitment to improve businesses' and consumers' access to credit in low- income and moderate-income areas.

Small-business microloans, including Small Business Administration credits and Fleet's Easy Business Banking loans that are designed to simplify and speed up applications and approvals, increased 30% in the first quarter and 70% in the second quarter.

Fleet said the small loans totaled $177.3 million on June 30. The number of microloans closed increased quarter-to-quarter from 1,102 to 2,035.

Fleet said it expects Incity small-business growth to continue, given the growing demand for microloans.

The $51 billion-asset company said it had placed $2.15 billion of mortgage loans, $345.7 million of small-business loans, and $210.6 million of consumer loans with a total of 57,800 Incity borrowers since February 1994.

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