Exelon (Nasdaq: EXC) has announced that it has invested nearly $10 million in nine locally-owned businesses across its service areas as part of its Community Impact Capital Fund (CICF) initiative, with more investments anticipated throughout the remainder of the year. Launched in 2022 in collaboration with the Exelon Foundation, the $36 million fund aims to support businesses in under-resourced communities served by Exelon, facilitating their growth and prosperity by increasing access to capital.
Colette Honorable, Exelon’s Executive Vice President of Public Policy and Chief External Affairs Officer, emphasized the importance of these investments in fortifying the economic future of Exelon’s regions. “By investing in community-based businesses, we’re strengthening the regions we serve,” Honorable said. “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 that have received funding this year include:
- Sweeten ($1M), Baltimore, Md.: A technology company transforming the construction industry by modernizing labor hiring processes and connecting construction professionals with projects, particularly benefiting minority and woman-owned businesses.
- Aging & Diverse Home Healthcare Services ($187,000), Philadelphia, Pa.: Provider of in-home healthcare services expanding 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 in underserved communities.
- CJR Development Partners L.C. ($600,000), Washington, D.C.: Provider of construction management real estate development, specializing in public-private partnership projects.
- Public Sector Solutions Group (PS2G) ($600,000), Washington, D.C.: Provider of technology systems integration supporting software development life cycles.
- Escalate ($500,000), Washington, D.C.: A workforce development platform enhancing corporate retention and career advancement opportunities for frontline workers.
- Crosstown Fiber ($2M), Chicago, Ill.: Builder and operator of a fiber optic telecommunication network in Chicago, bridging the digital divide and enabling high-speed internet access for students.
- Nexamp ($2M), Chicago, Ill.: Leading community solar infrastructure business with a presence in major U.S. community solar markets.
- CINQCARE ($2M), Washington, D.C.: Tech-enabled value-based contract provider managing services for Medicare & Medicaid populations with chronic diseases.
Exelon’s CICF applications are reviewed on a rolling basis by RockCreek, a diverse-owned and managed investment firm. Businesses facing challenges in securing financing or accessing capital for short-term and long-term needs, and those positively impacting historically disenfranchised or socio-economically disadvantaged communities in Exelon’s service areas, are encouraged to apply.
