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Fund administered by global investment firm RockCreek, in partnership with United Bank of Philadelphia, will provide needed capital to help local minority-owned businesses grow, create jobs, and expand in underserved and under-resourced communities served by PECO

PHILADELPHIA, PA (May 4, 2022) — PECO's parent company, Exelon, announced today that the $36 million Racial Equity Capital Fund, created to provide capital to minority-owned businesses in partnership with RockCreek, one of the world's largest diverse-owned global investment firms, and United Bank of Philadelphia is now accepting applications in the Philadelphia region.

Exelon, which serves more than 10 million customers through its six electric and gas utilities, announced the Racial Equity Capital Fund last fall. The Fund will help minority businesses 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.

"We are thrilled to foster yet another opportunity to create stronger, more equitable communities in the Philadelphia region," said Mike Innocenzo, President and CEO of PECO. "It's a privilege to unite with organizations and community leaders to promote economic development and diversity in the communities we serve. Together, we're bringing much-needed relief to business owners and driving progress for a brighter future."

PECO worked with a number of non-profit community organizations across Philadelphia to help RockCreek identify minority businesses in need of funding and support. RockCreek also announced today initial partnerships with minority-owned banks, lending institutions, and business organizations to increase the capacity of the Fund to be a resource for minority businesses, which have historically been denied bank funding in disproportionate numbers and often lack the initial equity and capital to sustain operations, grow, create jobs, and increase wellbeing throughout underserved and under-resourced communities.

"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 allocators of capital," said Afsaneh Beschloss, Founder and CEO of RockCreek. "The Racial Equity Capital Fund will bring this critical fuel directly to minority-owned businesses and will continue serving their communities in the years ahead."

Initial local partners in this effort include United Bank of Philadelphia, and RockCreek will continue to seek out and engage with other potential partners. The partnerships are the next step in the launch of the $36 million initiative, which is funded by Exelon and managed by RockCreek. RockCreek will select businesses for financing, independent of other parties, and manage the fund to serve as a continuing resource to help grow businesses, create jobs, and strengthen the communities Exelon serves.

Interested businesses can access the application here or contact RockCreek at RECFInquiries@therockcreekgroup.com for more information about the program.

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PECO, founded in 1881, is Pennsylvania's largest electric and natural gas utility. Headquartered in Philadelphia, PECO delivers energy to more than 1.6 million electric customers and more than 540,000 natural gas customers in southeastern Pennsylvania. The company's 2,900 employees are dedicated to the safe and reliable delivery of electricity and natural gas as well as enhanced energy management conservation, environmental stewardship and community assistance. PECO is a subsidiary of Exelon Corporation (Nasdaq: EXC), the largest fully regulated utility company in the nation with more than 10 million customers. For more information visit PECO.com, and connect with the company on Facebook and Twitter. 

If you are a member of the media and would like to receive PECO news releases via e-mail, please send your e-mail address to PECO.Communication@exeloncorp.com.

About RockCreek
One of the largest diverse-owned global investment firms, RockCreek applies data-driven technology to mobilize capital, resources, and insights to help shape a more sustainable tomorrow. Founded in 2003 by CEO Afsaneh Beschloss, former Treasurer and Chief Investment Officer of the World Bank, RockCreek has more than $17 billion in assets. Integrating inclusion and sustainability throughout the investment cycle to generate long-term value, RockCreek has invested more than $7.4 billion in diverse firms, $6.3 billion in impact firms and strategies, and more than $900 million in Black-owned and managed firms since its inception. Follow RockCreek on Twitter @RockCreekGroup and on LinkedIn.