WIN Victory: $36 Million Equity Fund to Support Minority-Owned Business Growth
Washington Interfaith Network’s CARE Campaign (Corporate Accountability for Racial Equity), has resulted in the introduction by Pepco/Exelon of the $36 million Racial Equity Capital Fund. The fund will provide needed capital to help minority-owned businesses create jobs and expand in under-resourced communities served by Exelon’s utilities.
This is part of a larger agreement Washington Interfaith Network(WIN) negotiated with Pepco to increase access to local careers and raise wages of frontline workers. That project is already underway with commitments for 100 additional careers a year from D.C. communities with high unemployment. Wages are increased for all front line contractors to the prevailing wage, resulting in several job categories making nearly double what they were previously earning.
[Image: David Velazquez, Exelon Executive Vice President, on Twitter.]
Exelon Announces $36 Million Equity Fund to Support Minority-Owned Business Growth, Exelon Corporation [pdf]