Live Oak Bank is turning Channel off.

Described by Live Oak as an inclusive small business center, Channel opened in November 2021 to serve as a free resource for small business owners, helping numerous minority-owned and other small businesses from its headquarters downtown at 106 Market St.

"After careful consideration, we’ve decided to bring Channel ... to a close at the end of this month. Live Oak determined that the needs of Wilmington’s small business community have evolved. Since Channel opened, the local small business ecosystem has grown significantly, with many strong organizations now offering education, technical assistance and community programming for entrepreneurs," stated Claire Parker, managing director of corporate communications for Live Oak Bank, in an email Monday. "With those resources firmly in place, Live Oak is refocusing on what we do best – providing banking and financing solutions that help small businesses grow and thrive."

Channel's demise also resulted in the elimination of two positions – those of Channel's director, Chakema Clinton-Quintana, and Atiba Johnson, the certified professional business advisor (CPBA) at Channel.

On Monday, Clinton-Quintana, who was elected to the Wilmington City Council in November, said of her immediate plans after Channel: "I will continue my work serving the public while I look for other full-time opportunities."

She said Channel "served over 1,000 small business owners in the greater Wilmington area, as well as some of the surrounding areas, such as Brunswick and Pender. A lot of folks had reached out to us needing those resources because they were free, and we were able to assist them in that capacity."

Johnson said he will be devoting his time to the Wilmington Minority Chamber of Commerce, which is not affiliated with the Greater Wilmington Chamber of Commerce. The minority chamber is celebrating its launch from 5 to 8 p.m. Tuesday at the Wilmington Sportsman Club, 1111 Castle St., Wilmington.

Johnson, the founder and executive director of the new chamber, said about 50 businesses are on board to join the Wilmington Minority Chamber of Commerce.

According to a news release, the new chamber "was established to foster growth, networking, and advocacy for underrepresented business owners. By providing essential resources and community engagement, the chamber aims to build a more inclusive and prosperous local economy."

Johnson said the creation of the new chamber is in response to "lapses in funding, education, advocacy for minority businesses...Some of the things that are going on now just don't reach all the way down to those businesses."

For Lynne Jones, owner of LJ Design Studio LLC, the loss of Channel also means a reduction in income. She had contracted with Channel to run the center's social media and to provide some marketing for small business owners.

"It's pretty disappointing to hear that it is closing...it was a place to connect with other small business owners and collaborate. It was like a family for those of us who were there. If you had issues or things that you needed to talk through concerning your business, there was always someone there that you could sit down with and talk things through, recalibrate, and they set you off on your way to make that pivot and move in a different direction," Jones said Monday.

She said she worked with many Channel participants creating their websites and will miss seeing the joy on their faces when those websites were up and running.

Dawn McDowell, owner of Creatively Covered Co. LLC, credits Channel with helping her business grow and regrow after her social media pages were hacked and shut down in 2023.

"Channel was a great resource for small businesses, for women-owned businesses, for minority-owned businesses; they provided a lot of assistance, especially when you needed it," McDowell said. "If it wasn't for Channel, I don't know if I'd be where I am now, in my business, and regrowing my business and even finding out about some of the certifications and things that were out there for small businesses that I just didn't know about ... because there was no one really sharing that information for small businesses, for minority- and women-owned businesses in particular."

Parker said shutting down Channel was not part of an overall cost-cutting plan.

She stated in the email, "Live Oak’s commitment to Wilmington remains strong. We are continuing to support entrepreneurs by focusing our efforts where we deliver the greatest value – through specialized banking and financing solutions aligned with our mission to be America’s small business bank."

As for Channel's downtown office, Live Oak had leased the 5,000-square-foot space above Seabird restaurant in 2021. The bank’s lease for the office is up in March, Parker said.