The fund managed by RockCreek, in partnership with minority banks and community lending institutions, will provide the capital needed to help minority-owned businesses grow, create jobs and grow in underserved communities with low few resources served by Exelon.
CHICAGO, May 04, 2022–(BUSINESS WIRE)–Exelon today announced that RockCreek, one of the world’s largest diversified ownership investment firms, has opened applications for the Exelon-funded $36 million Racial Equity Capital Fund to support minority-owned businesses in Exelon’s service areas in Delaware, District of Columbia, Maryland, Illinois, New Jersey and Pennsylvania.
Exelon, which serves more than 10 million customers through its six electric and gas utilities, announced last fall that it had partnered with the Exelon Foundation to create the Racial Equity Capital Fund. The fund will help minority businesses secure capital to fuel growth and boost employment opportunities in communities that have historically been underserved, underfunded and overlooked by investors and traditional funding sources. The fund will provide loans and equity investments to numerous minority businesses in Exelon’s service areas over the next three years, with loan amounts estimated between $100,000 and $300,000 and equity investments of nearly a million dollars.
“With this fund, we are empowering minority-owned small businesses to expand capacity, increase revenue and hire more employees,” said Calvin Butler, Chief Operating Officer and Executive Vice President of Exelon. “We have identified funding partners who understand the unique challenges these businesses face, but who also share our vision and are eager to invigorate the communities we both serve.”
RockCreek has forged partnerships with minority-owned lending institutions and community banks to increase the Racial Equity Capital Fund’s investment capacity. The fund will invest in minority-owned businesses that have never had access to capital to sustain their operations, increase revenue, create jobs and increase well-being in underserved and low-resource communities.
“Capital is the fuel that allows businesses to grow, create jobs and strengthen communities, and for too long minority-owned businesses – and entire communities – have been neglected by financial markets,” said Afsaneh Beschloss, Founder and CEO of RockCreek. “The Racial Equity Capital Fund will bring this essential fuel directly to minority-owned businesses and continue to serve their communities for years to come.”
Initial partners in this effort include Providence Bank & Trust; United Bank of Philadelphia; and City First Bank, National Association of Washington, DC. RockCreek continues to seek out and engage with other potential partners in all of Exelon’s service areas.
These partnerships are the next step in launching the $36 million initiative, funded by Exelon and managed by RockCreek. RockCreek will select companies to fund and manage the fund to serve as an ongoing resource to help grow businesses, create jobs and strengthen the communities that Exelon serves.
Interested companies can access the application here or contact RockCreek at [email protected] for more information about the program.
Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest utility company, serving more than 10 million customers through six fully regulated transmission and distribution utilities: Atlantic City Electric (ACE) , Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO) and Potomac Electric Power Company (Pepco). More than 18,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and to volunteering. Follow Exelon on Twitter @Exelon.
About Rock Creek
One of the world’s largest investment firms owned by women and diverse interests, RockCreek applies data-driven technology to invest sustainably and inclusively. Founded in 2003 by CEO Afsaneh Beschloss, former Treasurer and Chief Investment Officer of the World Bank, RockCreek has over $16 billion in assets. RockCreek has invested more than $7.4 billion in various businesses, including more than $990 million in Black-owned businesses, and $6.3 billion in sustainable investments, including in the areas of climate, health, education, job creation and affordable housing since its inception. Follow RockCreek on Twitter @RockCreekGroup and on LinkedIn.
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