Press release
Exelon-Funded $36 Million Racial Equity Capital Fund, Administered by RockCreek, Accepting Applications From Minority-Owned Businesses in Service Areas
RockCreek-managed fund, in partnership with minority banks and community-based lending institutions, will provide needed capital to help minority-owned
About this update from Exelon Corporation
[{"type":"text","content":"\nRockCreek-managed fund, in partnership with minority banks and community-based lending institutions, will provide needed capital to help minority-owned businesses grow, create jobs, and expand in underserved and under-resourced communities served by Exelon.\n\n CHICAGO--(BUSINESS WIRE)--\nExelon announced today that RockCreek, one of the world’s largest diverse-owned global investment firms, has opened applications for the $36 million Exelon-funded Racial Equity Capital Fund to support minority-owned businesses in Exelon’s service areas in Delaware, the District of Columbia, Maryland, Illinois, New Jersey and Pennsylvania.\n\nExelon, 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 obtain capital to fuel growth and spur job opportunities in communities that have historically been underserved, under-resourced, and overlooked by investors and traditional funding sources. The fund will provide loans and equity investments for numerous minority 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.\n\n“With this fund, we are empowering small, minority-owned businesses to grow their capacity, increase revenue and hire more employees,” said Calvin Butler, chief operating officer and senior executive vice president of Exelon. “We have identified financial partners who understand the unique challenges these businesses face, but who also share our vision and are eager to reinvigorate the communities we both serve.”\n\nRockCreek has forged partnerships with minority-owned lending institutions and community-based banks to increase the investment capacity of the Racial Equity Capital Fund. The fund will invest in minority-owned businesses who have historically lacked access to capital to sustain operations, grow revenues, create jobs, and increase wellbeing throughout underserved and under-resourced communities.\n\n“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 Be...