Exelon, the parent company of Baltimore Gas & Electric Co., on Wednesday announced the creation of its Racial Equity Capital Fund, which aims to use $36 million to help minority businesses obtain capital to fuel growth and spur job opportunities in underserved and under-resourced communities.
The capital fund is expected to invest in numerous businesses throughout Exelon’s service areas, including Maryland, over the next three years, according to a news release. Loan amounts are estimated between $100,000 and $300,000, and equity investments will approach $1 million.
It’s not clear how much of the fund will be directed to Maryland businesses.
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