Photo Courtesy Black Enterprise

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.

Read the full story at Black Enterprise | News.

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