Mechanics & Farmers Bank (M&F Bank) has launched a new grant opportunity for Charlotte-based small businesses.
Established in 1907, the community development financial institution (CDFI) is the sole minority-owned bank in North Carolina and the second-largest Black-owned bank in the United States.
Applications for the $10,000 grant program opened Aug. 1. One recipient from the Charlotte area will be selected.
The grant initiative, part of the bank’s Empowering Growth Small Business Grant program, will allocate $50,000 to support small businesses throughout North Carolina over the next two years, according to a press release sent Tuesday.
Earlier this year, three $10,000 grants were awarded to businesses, including Durham-based Legacy Homecare Services, Greensboro-based HOPE Counseling and Consulting Services and Winston-Salem-based Grace Counseling and Wellness.
“For a small business owner, a $10,000 grant can have a major impact, and Charlotte has many deserving entrepreneurs,” Travis Rouse, M&F Bank’s senior vice president and chief sales and lending officer, said.
He added that the grant program is intended to create “meaningful wins for small businesses and the communities they serve.”
Applications are set to close Aug. 31. According to the press release, the Charlotte recipient will be invited to a reception at the bank’s Charlotte branch on Beatties Ford Road on Sep. 25.
