Pepco and its parent company Exelon announced on Sept. 29 at the National Press Club in Northwest that the latter’s Racial Equity Capital Fund (RECF) has invested $2.7 million in four Washington, D.C.-area minority-owned businesses in the energy, IT, workforce development and real estate fields.
“Too often, minority-owned businesses are unable to obtain the financial backing they need to fuel their ideas and innovations and grow into mature profitable companies,” said Tyler Anthony, president and CEO of Pepco Holdings, which includes Pepco. “We’re excited to play a part in helping change that historical trend through the Exelon-Funded Racial Equity Capital Fund. With the investments we are announcing, the fund has provided nearly $4 million dollars in support to minority-owned businesses, with even more in the pipeline.”
The businesses receiving support are three Northwest, D.C.-based organizations: Gemini Energy Solutions with $1 million of equity investments, Public Sector Solutions Group with $600,000 debt investment, CJR Developments Partners LLC with $600,000 debt investment. Escalate in Silver Spring, Maryland also received a $500,000 debt investment. The fund is led by RockCreek, one of the world’s largest diverse-owned global investment firms.
“Capital is the fuel that allows companies to grow, create jobs and strengthen communities,” said Afsaneh Beschloss, CEO of RockCreek. “These visionary founders and business leaders are helping drive that change, in our community and across our country.”
D.C. Mayor Muriel Bowser attended the announcement along with D.C. Councilmember Kenyan McDuffie (I-At Large), the chairman of the Committee on Business and Economic Development; former D.C. Council Chair Linda Cropp, who sits on the board of the Pepco; ex-D.C. Mayor Anthony Williams, who leads the business-oriented advocacy group, The Federal City Council, and Maryland State Sen. William Smith (D-Montgomery County).
Bowser praised Pepco and Exelon for the fund.
“Your commitment to racial equity matches D.C. values,” Bowser, 51, said. “Commitments like yours will help close the racial wealth gap and help our businesses grow and ensure D.C. residents are hired. This is an example of the private sector putting its money where its mouth is.”
Gemini is a Black-owned energy audit and cleantech company that is working to connect businesses and churches in under-resourced communities with green energy solutions. Dr. Anthony Kinslow II, 33, is the founder and CEO.
“We are democratizing the energy sector with clean energy,” said Kinslow. “This investment has already made a tangible impact on the development of my company and accelerated projects in the communities we serve. Communities who have historically been excluded from economic development now can be prioritized.”
Public Sector Solutions Group (PS2G) is a Black tech company providing IT consulting services for state and local governments. The company also trains District and Maryland residents in cybersecurity and information technology through the Walter Reed IT Infrastructure Academy in partnership with Pepco and Exelon. Darryl Wiggins serves as PS2G’s CEO.
“PS2G is excited to continue our long-standing relationship with Exelon and its operating companies,” Wiggins, 62, said. “It is our intent to use the funds received from the RECF to expand our reach and to provide generational excellence for our customers and employees for decades to come.”
Nicole Cober serves as the principal managing partner of CJR Development (CJRD). Cober’s company is a minority, woman-owned concern that offers advice on public-private partnerships and specializes in creating mixed-use developments and affordable housing communities.
“The Racial Equity Capital Fund gave CJRD an alternative and substantial infusion of capital that will assist both our cash flow and our ability to scale,” Cober said. “As a minority development firm, this capital bridge loan will enable us to increase our efforts to revitalize urban and rural communities.”
Escalate is a majority Black and woman-owned company that specializes in a workforce development platform that unites educational and artificial intelligence resources to frontline workers. Sienna Daniel, 45, is the co-founder and president of the company.
“Escalate uses the latest AI tools to help decrease absenteeism, increase employee satisfaction, create employee advancement opportunities, and solve the frontline turnover crises,” she said. “The RECF investment will help strengthen frontline workers and companies throughout the DMV and beyond.”
