For Immediate Release
Black, women-owned home healthcare provider Aging & Diverse Home Healthcare Services to receive $250,000 in support
PHILADELPHIA, PA (February 21, 2023) — Today, PECO and RockCreek are announcing that the Exelon-funded
Racial Equity Capital Fund (RECF) and the
United Bank of Philadelphia
are investing $250,000 in
Aging & Diverse Home Healthcare Services, a local Black women owned home healthcare provider. The investment, which is one of the first deployments of capital for the fund, will support the agency's efforts to assist senior and disabled individuals and allow them to remain in their own homes while receiving around the clock healthcare.
In 2022, Exelon launched the RECF in partnership with RockCreek, one of the world's largest diverse-owned global investment firms, which has invested more than $8.5 billion in diverse firms over the last two decades. Locally, RockCreek has partnered with United Bank of Philadelphia, a community bank specializing in supporting small businesses, and others to provide capital to minority-owned businesses in the Greater Philadelphia community. The RECF expands access to capital for diverse businesses so they can create more jobs, grow their companies, and reinvest in their neighborhoods and communities.
Established in 1998, Aging & Diverse Home Healthcare Services was founded by Theresa Williams and Patricia McKinley, who combined their respective expertise in nursing and finance to provide services that allow individuals to remain in their home and assist them with independent living. In the decades that followed, the two built a community-based service that remains one of the first Black women-owned healthcare providers to serve the Greater Philadelphia region. Beyond these services, the agency intentionally invests in the community's aging population by addressing health issues, disabilities, cognitive changes, language barriers, advocacy and protecting clients' rights.
"Much like PECO, we've created a business model that provides essential services around the clock, so we're always there for those in our community when and where they need us most," said Theresa Williams, Co-Founder of Aging & Diverse Home Healthcare Services. "We're incredibly grateful to have been selected as recipients of this funding, and we look forward to using it to further fuel our mission in meeting client needs."
The funding will allow Aging & Diverse, which has historically provided non-skilled services, to obtain certifications to offer skilled nursing care, which includes wound care, occupational and physical therapy, blood draws, and injections, as well as health monitoring, among other services. "Broadening our capabilities will not only set us apart from other agencies, but also enables us to serve more patients and continue to grow our business," added Williams.
As part of Exelon's ongoing, extensive efforts to promote equity and economic opportunity in the diverse communities served by PECO and its sister utilities, the RECF will make investments through debt and equity financing for minority-owned businesses throughout Exelon's service areas over the next three years. The RECF will strengthen communities and help minority businesses grow by providing affordable capital to businesses that have traditionally struggled to access and secure funding due to systemic barriers.
"At PECO, we believe in the power of paying it forward and giving back to the communities where we live, work, and serve," said Mike Innocenzo, President and CEO of PECO. "The RECF is one of many crucial ways in which we can promote economic development and diversity, and we're thrilled to play a role in fostering Aging & Diverse Home Healthcare Services in their mission to provide affordable, quality home healthcare services for community members in need – today and for years to come."
RockCreek, which leads the RECF and makes the fund's investment decisions, is also focused on growing the capability of the capital fund through partnerships with minority-owned lending institutions, community banks, and chambers of commerce to source originations and provide additional investment and lending opportunities. The United Bank of Philadelphia is one of the first local partners working with RockCreek to assist in increasing the investment capacity of the fund.
"For more than thirty years, United Bank of Philadelphia has fostered community development throughout the Greater Philadelphia Region by providing quality personalized comprehensive financial services to small businesses and individuals," said Evelyn Smalls, President and CEO, United Bank of Philadelphia. "We strive to ensure diverse opportunities are available in the communities we serve and supporting this fund allows us to create a balance in the economic spectrum with the goal of positively impacting economic disparities."
New RECF applications are accepted on a rolling basis. Interested businesses may
apply online and/or contact RockCreek at RECFInquiries@therockcreekgroup.com for more information.
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