ChannelAdvisor Announces $3M Deposit at M&F Bank in Support of Minority-Owned Businesses
Leading multichannel commerce platform to help support historic bank’s second-round PPP loans and small business programs
ChannelAdvisor Corporation, a leading provider of cloud-based e-commerce solutions that enable brands and retailers to increase global sales, announced today that it has made a $3 million deposit at M&F Bank, a historic Durham-based community bank committed to personal and community development in North Carolina. Both companies are teaming up to help promote sustainable growth among local minority-owned businesses.
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With this deposit, ChannelAdvisor recognizes M&F Bank’s long-standing mission to provide financial solutions, including commercial loan opportunities, for individuals and business owners in underserved communities. As the second-oldest Black-owned bank in the U.S., M&F Bank was the ideal financial institution for ChannelAdvisor’s deposit, which aims to bolster the inclusive recoveries of companies impacted by the ongoing 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.”
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“We are always grateful for opportunities to create relationships with other institutions whose values and goals align with ours. 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,” said James Sills, President and CEO, M&F Bank.
ChannelAdvisor’s deposit aligns with the company’s diversity, equity, and inclusion initiatives, including the company’s efforts to establish and develop strategic relationships with organizations working toward economic access, growth, and sustainability for business owners.
