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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, t he 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...
Founded in 1907, the Mechanics and Farmers Bank (M&F Bank) and the second-oldest bank in the nation founded by African Americans has reopened for business after renovations. According to ABC 11 News , the M&F Bank held its 113th-year celebratory ribbon-cutting ceremony honoring the original Mechanics and Farmers Bank building located on West Parrish Street in downtown Durham, the historic Black Wall Street District. The original Mechanics and Farmers Bank was built at a time when African Americans struggled to find a bank to safely deposit money and accumulate interest. In 1975, the building was declared a national historic landmark. “There’s an unbelievable wealth gap, and so, our bank has been able to provide access to capital to business to nonprofits to consumers. And, over the past 113 years, we’ve probably provided about $1.4 billion in loans to the communities where we are located,” M&F Bank President and CEO James Sills told CBS 17 . After decades of survival, its original...