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PECOand its parent company, Exelon Corporation, have arranged $123 million in credit lines with 31 minority and community-owned banks in PECO's service area and other regions where Exelon operates. These transactions help to grow local businesses and keep valuable dollars in the local economies.
In a challenging economic climate, Craig Adams, PECO president and CEO, said these agreements provide PECO and Exelon with an additional source of credit at competitive prices while offering minority and community banks an opportunity to grow their relationships with Fortune 500 companies.Adams added that these agreements are part of PECO and Exelon's ongoing efforts to engage minority-owned firms, demonstrate their commitment to diversity and inclusion in all business relationships, and provide greater opportunity for minority banks to participate in major transactions.
"Supplier diversity is an important part of our diversity and inclusion strategy," said Adams. "Diversity and inclusion are about increasing opportunities and ensuring broad access, not just in terms of how we hire, but as a fundamental way of doing business every day."
"We are pleased to facilitate a relationship between minority and community banks and a large money center bank in order to accomplish an important business objective," said Phil Barnett, PECO senior vice president, chief financial officer and treasurer. "This working partnership is unique, and we're proud to have played a role."
"Syndicated credit facilities have a direct impact on the bottom line at minority and community banks, improving our capacity to serve our customers," said Evelyn F. Smalls, United Bank of Philadelphia president and CEO. "Exelon has demonstrated vision and leadership in extending this opportunity to our institutions we hope other companies will follow their example."
Exelon and PECO have demonstrated a commitment to supplier diversity and have made it a critical part of the company's overall supply chain strategy. In 2013, PECO spent $102 million with diversity-certified suppliers, equaling 15 percent of its supply contracting totals. PECO spent $76 million, or 11 percent, of the total spend with diversity-certified prime contractors and service providers based in Pennsylvania. Exelon's corporate spending with certified minority- and women-owned businesses reached more than $906 million in 2013.