As National Black Business Month comes to a close, I can’t help but recognize, celebrate and support the multitude of #BlackOwnedBusinesses and #entrepreneurs across the country.
For generations, Black businesses have made countless contributions to the US economy. However, for a large part of history, Black communities have endured systematic racism, inequality, wage gaps, and violence. One of the worst cases of this injustice that comes to mind is the 1921 Tulsa Race Massacre, also known as the Black Wall Street massacre, where one of the wealthiest black communities in the United States was destroyed, resulting in the loss of nearly 200 businesses, several churches and over 1,200 homes. Today, many #minority communities still encounter obstacles and systemic racism, with Black business owners continuing to face a disproportionate number of challenges, including a lack of access to capital.
Recognizing the need for and importance of supporting our communities, PECO and our parent company Exelon, launched a Racial Equity Capital Fund (RECF) to expand access to capital to minority businesses so they can create more jobs, grow their companies, and reinvest in their neighborhoods and communities. The fund builds on our longstanding history of supporting underserved and under-resourced communities and further reinforces our commitment to driving economic #equity and opportunity for our communities. Some local Philadelphia partners in this effort include United Bank of Philadelphia and RockCreek.
Earlier this year, PECO identified Around The Clock Home Health Care Services, a local Black women-owned home healthcare provider, as a RECF grant recipient who will receive an investment of $250,000 to support the agency’s efforts to assist senior and disabled individuals and allow them to remain in their own homes while receiving around the clock #healthcare.
I am looking forward to seeing the #RacialEquity Capital Fund serve as a continuing resource to help grow businesses, create jobs, and strengthen the communities across our region and beyond. Moving forward, whether through finances, advocacy, or other efforts, let’s continue to support diverse small businesses in our communities and close the racial wealth gap.
#SmallBusiness #BlackBusinessMonth #CommunityDevelopment
CEO at Influential
10moThank you, Jacki 🙏🏼 You and your team did a phenomenal job and it will help countless kids find their mentors. Truly appreciate your dedication to the mission❤️