PECO
and its parent company, Exelon Corporation, have arranged credit lines
totaling $123 million with 28 minority and community-owned banks in
located in PECO’s service area and other regions where Exelon operates.
These transactions help grow local businesses, the local economy, and
are critical to many communities that remain challenged by current
economic conditions.
Exelon’s minority and community banking program, which began in 2003, is
unique in the energy industry. Administered by JP Morgan Chase since its
inception, the program has more than tripled in credit facility size and
quadrupled the number of participating banks. Locally, the United Bank
of Philadelphia serves as a lead arranger for PECO’s $34 million credit
line.
“We are committed to supporting our local businesses and driving
economic growth across the Greater Philadelphia region,” said Craig
Adams, PECO president and CEO. “Supplier diversity is an important part
of this strategy, and it is a fundamental way of doing business at PECO.”
"This long-standing relationship with PECO is very important to the Bank
and its banking partners," said Evelyn F. Smalls, president and CEO of
United Bank of Philadelphia. "PECO has been unwavering in its commitment
to community banking and the financial benefit to our banks is important
as we continue to provide access to capital to small businesses in the
region."
Exelon and PECO’s commitment to supplier diversity is a critical part of
the company’s overall supply chain strategy. Exelon’s corporate spending
with diversity-certified suppliers totaled more than $1.1 billion in
2014, with PECO accounting for $124 million of that spend. PECO spent
$93 million of its total with diversity-certified prime contractors and
service providers, including those based in Pennsylvania.
Earlier this year, PECO was recognized by The Eastern Minority Supplier
Diversity Council (EMSDC) as “Corporation of the Year,” honoring the
company for its efforts to develop and expand relationships with
minority and women-owned businesses.
For more information on PECO’s commitment to diversity and inclusion,
visit peco.com.
Based in Philadelphia, PECO is an electric and natural gas utility
subsidiary of Exelon Corporation (NYSE: EXC). PECO serves 1.6
million electric and more than 506,000 natural gas customers in
southeastern Pennsylvania and employs about 2,400 people in the region.
PECO delivered 89.9 billion cubic feet of natural gas and 37.5
billion kilowatt-hours of electricity in 2014. Founded in 1881,
PECO is one of the Greater Philadelphia Region's most active corporate
citizens, providing leadership, volunteer and financial support to
numerous arts and culture, education, environmental, economic
development and community programs and organizations. For more
information visit PECO.com,
and connect with the company on Facebook
and Twitter.
If you are a member of the media and would like to receive PECO news
releases via e-mail please send your e-mail address to PECO.Communication@exeloncorp.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20151027006166/en/
Copyright Business Wire 2015
Source: Business Wire
(October 27, 2015 - 10:00 AM EDT)
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