The Next Chapter of Partnership with Minority Businesses
Exelon has launched a Racial Equity Capital Fund, in partnership with the Exelon Foundation, that will expand access to capital for minority businesses so they can create more jobs, grow their companies and reinvest in their neighborhoods and communities. The fund builds on Exelon’s longstanding history of supporting the underserved and under-resourced communities and further delivers on our commitment to drive economic equity and opportunity for our customers and communities.
The Racial Equity Capital Fund will strengthen communities and help minority businesses grow by:
- Providing affordable capital to businesses in communities that have traditionally been challenged in accessing and securing funding (e.g., minority-owned businesses and businesses in underserved and under-resourced communities, etc.).
- Increasing minority business capacity and subsequent employment opportunities for diverse local communities.
- Utilizing the expertise of the fund manager, RockCreek, a diverse-owned firm with > 75% diverse ownership and management team diversity — to make investment decisions.
- With RockCreek, growing the capability of the capital fund through partnerships with minority community banks, other key local financial organizations and community organizations to source originations and provide additional investment and lending opportunities outside of the company-provided funding.
Racial Equity Capital Fund Details
- The fund will provide $36 million in equity investments to support minority-owned businesses in the communities it serves.
- The initiative is part of Exelon’s ongoing, extensive efforts to promote equity and economic opportunity in the diverse communities served by our six utilities, which include Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco.
- The capital fund is expected to invest in numerous businesses throughout Exelon’s service areas over the next three years with estimated loan amounts between $100,000 and $300,000 and equity investments of nearly $1 million.
Applications are open! Minority businesses interested in funding should contact the fund manager, RockCreek: RECFInquiries@therockcreekgroup.com.