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FLEET INCITY PROGRESS REPORT: $695 MILLION IN AFFORDABLE HOUSING MORTGAGES, $16.6 MILLION IN MICROLOANS FOR BUSINESS

Program off to Strong Start as Individuals, Community Groups Take
 Advantage of INCITY to Access Credit
 PROVIDENCE, R.I., April 19 /PRNewswire/ -- Fleet Financial Group (NYSE: FLT), which announced its $8-billion Fleet INCITY loan access and outreach program on February 10, today issued a progress report indicating that 2,045 mortgages for low-and moderate-income customers, totaling $695 million, were made by Fleet in the first three months of 1994 as part of Fleet INCITY's nationwide credit initiative.
 In addition, Fleet banks approved and closed 171 microloans for small businesses, totaling $16.6 million, during 1994's first quarter as part of the Fleet Community Loan Program.
 "Fleet INCITY is off to an excellent start, with many individuals and community groups coming forward to access credit through the various initiatives that comprise the INCITY program," said Agnes J. Bundy, senior vice president responsible for Fleet's Community Development and Reinvestment Act (CRA) efforts.
 The Fleet Affordable Housing Program represents Fleet's recommitment to affordable housing, and new commitments to related products and services for low-moderate income customers, amounting to $7,685 billion over a three-year period.
 The Fleet Community Loan Program totals $300 million over three years, of which $90 million is earmarked for small business microloans. The microloan program makes loans ranging from $10,000 to $500,000 to small businesses, concentrating on minority- and women-owned businesses, and businesses located in low-moderate income areas.
 Progress in other segments of the Fleet INCITY program include the following:
 -- Fleet will submit its application this month to establish a new, $15-million Fleet Community Development Corp. (CDC). Representing one of the largest initial capital investments ever made to a CDC by a bank holding company, the Fleet CDC will address the needs of small businesses and economic development projects, both urban and rural, with equity investments and low-moderate income loans.
 -- Candidates for the Fleet INCITY Advisory Board have been identified and meetings are being scheduled with the candidates to ascertain their interest. The board, which will consist of three national, six regional and five Fleet representatives, will serve as a collaborative "brain trust" effort between Fleet bankers and community leaders to address significant community development issues.
 -- As part of Fleet's Consumer Credit Education Initiative, a new video, "The Facts on Borrowing Money," has been completed and will be distributed to community organizations, government officials and others later this month.
 -- Diversity training for Fleet employees has begun.
 -- The first corporate-wide Fleet Scholars interns will begin working at Fleet banks this summer.
 Fleet also indicated that its review of charitable giving by the company revealed that nearly 60% of all gifts made by Fleet to charitable and civic organizations in 1993 had a community development or Community Reinvestment Act impact.
 Fleet Financial Group is a $46-billion diversified financial services company listed on the New York Stock Exchange with approximately 1,200 offices nationwide. Its lines of business include commercial and consumer banking, mortgage banking, consumer finance, asset-based lending, equipment leasing, investment management, and student loan processing.
 -0- 4/19/94
 /CONTACT: Robert W. Lougee, Jr., Vice President Director, Corporate Communications, 401-278-5879, or Thomas L. Lavelle, 401-278-3003, or Bruce P. Crooks, 401-278-6241, all of Fleet Financial Group/
 (FLT)


CO: Fleet Financial Group ST: Rhode Island IN: FIN SU:

JL-CM -- NE011 -- 8158 04/19/94 12:23 EDT
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Publication:PR Newswire
Date:Apr 19, 1994
Words:547
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