Exelon’s $10 Million Investment Milestone Fuels Urban Growth and Local Opportunity
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
CHICAGO–(BUSINESS WIRE)–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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