ChannelAdvisor Deposits $3M Into The Nation's Second-Oldest Black-Owned Bank To Support Minority Businesses
Photo Credit: Maskot

ChannelAdvisor Deposits $3M Into The Nation's Second-Oldest Black-Owned Bank To Support Minority Businesses

Having adequate resources is vital to the success of Black-owned businesses across the nation, and ChannelAdvisor wants to make sure Black-owned business owners have them. 

PR Newswire reports that ChannelAdvisor has pledged a commitment of $3 million to M&F Bank, the nation’s second-oldest Black-owned bank located in Durham, NC. According to the company website, the state-chartered commercial bank was organized in 1907 to fulfill a dream that the nine founders had for their community — to build generational wealth and betterment for the people of the residential district in Durham.

Today that commitment continues, thanks to the deposit made by ChannelAdvisor, the leading provider of cloud-based e-commerce solutions who share the bank’s commitment to supporting the growth of local minority-owned businesses. 

“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 in an official release. “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.”

The deposit will support M&F Bank’s second-round PPP loans and small business program to help Black-owned business owners thrive. Plus, this is just one of the bank’s offerings dedicated to providing both individuals and business owners in underserved communities with the support that they need to do more than just survive.

“We are always grateful for opportunities to create relationships with other institutions whose values and goals align with ours,” continued M&F Bank President and CEO James Sills. “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.”

Click here to learn more about M&F Bank.