ChannelAdvisor Announces $3M Deposit at M&F Bank in Support of Minority-Owned Businesses

Rhea-AI Summary

ChannelAdvisor Corporation (NYSE: ECOM) has made a $3 million deposit at M&F Bank to support sustainable growth among local minority-owned businesses. M&F Bank, a historic institution in Durham, NC, focuses on providing financial solutions to underserved communities. The partnership aims to help reduce barriers to capital for minority entrepreneurs impacted by the pandemic. CEO David Spitz emphasized the commitment to increasing economic opportunity, while M&F Bank's CEO James Sills appreciated the alignment of their organizational values.

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• ChannelAdvisor's $3 million deposit supports local minority-owned businesses.
• The partnership with M&F Bank aligns with the company’s diversity and inclusion initiatives.

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• None.

RESEARCH TRIANGLE PARK, N.C., Aug. 31, 2021 /PRNewswire/ -- ChannelAdvisor Corporation (NYSE: ECOM), 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.

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."

"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.

To learn more about M&F Bank, please visit www.mfbonline.com/.

For more details about ChannelAdvisor, visit ChannelAdvisor's blog, follow ChannelAdvisor on Twitter @ChannelAdvisor, like ChannelAdvisor on Facebook and connect with ChannelAdvisor on LinkedIn.

About ChannelAdvisor
ChannelAdvisor (NYSE: ECOM) is a leading multichannel commerce platform whose mission is to connect and optimize the world's commerce. For over two decades, ChannelAdvisor has helped brands and retailers worldwide improve their online performance by expanding sales channels, connecting with consumers across the entire buying cycle, optimizing their operations for peak performance, and providing actionable analytics to improve competitiveness. Thousands of customers depend on ChannelAdvisor to securely power their e-commerce operations on channels such as Amazon, eBay, Google, Facebook, Walmart, and hundreds more. For more information, visit www.channeladvisor.com.

ChannelAdvisor Media Contact:
Tamara Gibbs
tamara.gibbs@channeladvisor.com
919-249-9798

 

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SOURCE ChannelAdvisor Corporation

FAQ

What is the significance of ChannelAdvisor's $3 million deposit at M&F Bank?

ChannelAdvisor's $3 million deposit aims to support sustainable growth for minority-owned businesses and improve access to capital in underserved communities.

How does ChannelAdvisor's initiative relate to their diversity commitments?

The deposit aligns with ChannelAdvisor's diversity, equity, and inclusion initiatives by providing financial support to minority entrepreneurs affected by the pandemic.

What is the role of M&F Bank in the partnership with ChannelAdvisor?

M&F Bank will use the deposit to offer financial solutions and commercial loan opportunities to minority-owned businesses in North Carolina.

When did ChannelAdvisor announce the deposit at M&F Bank?

ChannelAdvisor announced the $3 million deposit on August 31, 2021.