Pepco and parent company Exelon announced Friday that its Racial Equity Capital Fund will invest $2.7 million in four local minority-owned businesses working in energy, IT, workforce development and real estate investments.
The businesses receiving support are Gemini Energy Solutions of the District in Northwest with $1 million of equity investment, Public Sector Solutions Group in Northwest with $600,000 debt investment, CJR Development Partners LLC in Northwest with $600,000 debt investment and $500,000 debt investment for Escalate in Silver Spring, Maryland.
The fund is led by RockCreek, one of the world’s largest diverse-owned global investment firms.
As part of Exelon’s ongoing extensive efforts to promote equity and economic opportunity in the diverse communities served by Pepco and its sister utilities, the fund is making investments through debt and equity financing for minority-owned businesses throughout the Exelon’s service areas over the next three years.
New fund applications are accepted on a rolling basis. Interested businesses may apply online or contact RockCreek at RECFInquiries@therockcreekgroup.com for more information.