A Power Boost For Small Business

Exelon Announces $36 Million Equity Fund to Support Minority-Owned Business Growth

Exelon, the parent company of Pepco, announced today a newly created Racial Equity Capital Fund that will be funded by Exelon’s utility business in partnership with the Exelon Foundation and managed by RockCreek, a diversely-owned global investment firm, which has invested more than $7.4 billion in diverse firms since its inception.

Exelon’s utility business, which owns six electric and gas utilities serving more than 10 million customers, announced today it has created a $36 million fund to support minority-owned businesses in the communities it serves. The launch of the Racial Equity Capital Fund will help minority businesses obtain capital to fuel growth and spur job opportunities in underserved and under-resourced communities often overlooked by investors and traditional funding sources. 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.

“Too often, we see small, minority-owned businesses struggle to obtain financial backing to fuel their ideas and innovations, and that problem has only grown worse during the pandemic,” said Calvin Butler, CEO of Exelon Utilities.

Racial Equity Capital Fund will provide needed capital to help minority-owned businesses create jobs and expand in communities served by Exelon’s utilities. The global investment firm will decide which businesses get financing, independent of other parties. The fund will be available as a resource to minority businesses, which have historically been denied bank funding in disproportionate numbers and often lack the initial equity and capital to grow and sustain their small businesses.

Initiated more than 100 workforce development programs across its six utilities and generation businesses, including Infrastructure Academies that create pathways into utility careers through training programs offered in partnership with other entities. To date, more than 400 program graduates have been hired internally and externally.