Exelon’s $10 Million Investment Milestone Fuels Urban Growth and Local Opportunity
06 Juin 2024 - 10:53PM
Business Wire
Exelon has provided nearly $10 million in
funding to nine local businesses in Baltimore, Chicago, the
District of Columbia and Philadelphia to spur economic opportunity
and entrepreneurship
Exelon (Nasdaq: EXC) announced that as of June 2024, the company
has invested nearly $10 million in nine locally-owned businesses
across Exelon’s service areas as part of the company’s Community
Impact Capital Fund (CICF) initiative, with additional investments
expected throughout the remainder of the year. Exelon launched the
$36 million fund in partnership with the Exelon Foundation in 2022,
to help businesses in under-resourced Exelon communities grow and
prosper by expanding access to capital.
“By investing in community-based businesses, we’re fortifying
the economic future of the regions Exelon serves,” said Exelon’s
Executive Vice President of Public Policy and Chief External
Affairs Officer Colette Honorable. “We’re excited about the nine
innovative companies that have received funding so far and look
forward to partnering with more businesses that are poised to
create a positive ripple effect with the right resources, including
creating more jobs and reinvesting in their neighborhoods.”
The nine businesses receiving funding so far this year are:
- Sweeten ($1M), Baltimore, Md.: A technology company that is
reinventing how the construction industry hires labor for
residential and commercial projects, with an expanding technology
platform that vets and onboards construction professionals and
connects them with projects to enables greater exposure for
minority and woman-owned business enterprises.
- Aging & Diverse Home Healthcare Services ($187,000),
Philadelphia, Pa.: A provider of in-home healthcare services for
seniors and disabled individuals, currently expanding its business
to include skilled nursing care.
- Gemini Energy Solutions ($1M), Washington, D.C.: A tech-enabled
energy audit and asset development company focused on accelerating
the clean energy transition with solutions for historically
underserved communities.
- CJR Development Partners L.C. ($600,000) Washington, D.C.: A
provider of construction management real estate development,
primarily focusing on supporting public-private partnership
projects.
- Public Sector Solutions Group (PS2G) ($600,000) Washington,
D.C.: A provider of technology systems integration that supports
the full-life cycle of software development.
- Escalate ($500,000) Washington, D.C.: A workforce development
platform that brings together educational program design and AI to
improve corporate retention and create advancement opportunities
for frontline workers.
- Crosstown Fiber ($2M) Chicago, Ill.: Crosstown Fiber builds,
owns, and operates a fiber optic telecommunication network in the
greater Chicago area, helping to bridge the digital divide. Their
network is expected to enable access to high-speed internet for
hundreds of thousands of students at hundreds of schools throughout
the city of Chicago.
- Nexamp ($2M) Chicago, Ill.: Leading community solar
infrastructure business, with end-to-end capabilities and a
presence in all major U.S. community solar markets.
- CINQCARE ($2M) Washington, D.C.: A tech-enabled value-based
contract provider, capable of managing complex services to Medicare
& Medicaid populations with a high prevalence of chronic
disease.
Exelon’s CICF applications are reviewed as they are received on
a rolling basis through a process managed by RockCreek, one of the
world’s largest diverse-owned and managed investment firms.
Businesses that meet the following specifications are encouraged to
apply:
- Facing challenges in securing financing or getting access to
capital for short term as well as long term needs.
- Located in and/or have a positive impact on historically
disenfranchised or socio-economically disadvantaged communities in
Exelon’s service areas, including, without limitation, through
growing local businesses and creating and retaining jobs .
Interested businesses are encouraged to apply online and/or
contact RockCreek at cicf@therockcreekgroup.com for more
information.
For more information on Exelon’s CICF, please visit: Community
Impact Capital Fund. To learn more about Exelon’s efforts to
support the diverse communities we serve, visit: Diversity, Equity
and Inclusion.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 250 company and the nation’s
largest utility company, serving more than 10.5 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).
Nearly 20,000 Exelon employees dedicate their time and expertise to
supporting our communities through reliable, affordable and
efficient energy delivery, workforce development, equity, economic
development and volunteerism. Follow Exelon on Twitter @Exelon
About the Exelon Foundation
The Exelon Foundation is an independent, nonprofit organization
funded solely by Exelon Corporation through shareholder dollars.
The mission of the Foundation is to encourage respect for the
environment, support innovative STEM education programs and
strengthen the social and economic fabric of the community by
providing a match to Exelon employee contributions.
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James Gherardi 312-394-7417 Media Hotline
James.Gherardi@exeloncorp.com
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