About the fund
Exelon launched a Racial Equity Capital Fund (RECF), in partnership with the Exelon Foundation, to expand access to capital to 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 Exelon's commitment to drive economic equity and opportunity for Exelon's communities.
The capital fund is part of Exelon’s ongoing, extensive efforts to promote equity and economic opportunity in the diverse communities served by the six Exelon utilities, which include Atlantic City Electric (ACE), BGE, ComEd, Delmarva Power (DPL), PECO and Pepco. Exelon and the Exelon Foundation have a rich history of supporting underserved and under-resourced communities.
Interested businesses can access the application and instructions are listed below.
Purpose of the RECF
The Racial Equity Capital Fund was created to strengthen communities and help minority businesses grow by:
- Providing affordable capital to minority-owned businesses and businesses in underserved and under-resourced communities that may have had challenges accessing and securing funding.
- 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.
- Developing partnerships with minority community banks, other key local financial or community organizations. RockCreek will grow the capability of the capital fund to provide additional investment and lending opportunities.
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.