Mechanics and Farmers Bank (M&F Bank), one of the country’s largest Black-owned banks, has received a $3 million deposit from ChannelAdvisor Corp. to help minority-owned businesses grow and reach sustainability.
ChannelAdvisor, which provides cloud-based e-commerce technologies, and M&F, a historic community bank located in Durham, North Carolina, have partnered to increase support to North Carolina-based minority-owned businesses, according to a news release on the deposit. M&F Bank will use the funds for personal and community development, including the bank’s second round of Paycheck Protection Program (PPP) loans designed to help small businesses stay afloat during the COVID-19 pandemic.
“We’re committed to doing our part to support and increase economic opportunity in the communities around us, especially underserved entrepreneurs and business owners, said David Spitz, CEO at ChannelAdvisor.
“Access to capital has been a long-standing barrier to growth for many minority-owned businesses, and through our partnership with M&F Bank, we can help lower those barriers. We’re proud to partner with such a venerable and mission-driven organization.
According to the bank’s history, M&F Bank was started in 1907 by nine men who wanted “underserved” Durham residents to start building generational wealth through homeownership and entrepreneurship,
The founders were successful businessmen and community leaders who saw a need and came together to help address it. The bank’s mission is to “enhance the wealth and well being of the communities that we serve by providing competitive and holistic financial solutions, with particular emphasis on the financial needs of underserved populations and geographies.”
This latest partnership, cemented by the $3 million deposit, is a step in that direction.
“We are always grateful for opportunities to create relationships with other institutions whose values and goals align with ours,” James Sills, president and CEO of M&F, said in the news release. “There is power in a group effort, and our communities directly benefit from partnerships like ours with ChannelAdvisor. We thank ChannelAdvisor for the trust in M&F Bank to be their financial partner.”
Dawn Onley is a freelance writer based in the Washington, D.C. metropolitan area.