Ahold Delhaize Banner Food Lion Reveals $50 Million Investment to Bolster Diverse-Owned Suppliers; Meg Ham and James Sills Comment
SALISBURY, NC - As the demand for more diversity across supplier portfolios continues to rise, Ahold Delhaize banner Food Lion has made a $50 million investment to encourage minority-owned businesses. The retailer revealed that it made the deposit to support M&F Bank, the second-oldest minority-owned bank in the United States, providing the institution with greater financial opportunities for the communities it serves including loans to small businesses, investments in technology, and financial literacy programs.
“We are consistently working to nourish the towns and cities we serve, and many times that is with food and also with possibility,” said Food Lion President Meg Ham.“This deposit will infuse our shared communities with financial opportunities for economic development, job creation, racial equity, and social justice initiatives.”
M&F Bank currently operates branches in Durham, Raleigh, Charlotte, Greensboro, and Winston-Salem, North Carolina. According to a press release, this deposit from Food Lion will create a partnership that will build on each of the companies’ commitment to provide financial solutions to underserved communities.
Food Lion’s $50 million deposit is an extension of community work that started over 30 years ago, and is in support of diversity, equity, and inclusion in all aspects of the business. This includes an integrated workforce, inclusive workplace, and inspirational marketplace.
“We are two regional organizations focused on the economic development of our communities,” said M&F Bank President and Chief Executive Officer James Sills. “This partnership with Food Lion provides momentum, allowing us to make real change for historically underserved communities. We thank Food Lion for their trust and commitment to M&F Bank.”
The funds will be managed by J.P. Morgan Asset Management through its Empowering Change program, part of its commitment to bringing new economic opportunities to historically disadvantaged communities.
How will this new investment potentially impact diverse suppliers and growers in the North Carolina regions? Stick with AndNowUKnow to find out.