Preheat the oven to 350℉.
In a bowl, mix together the ingredients for the wet ingredients. In another bowl, add in the dry ingredients. Now, combine the dry and wet ingredients.
Separate the batter into two parts. In one part, add in the cocoa powder and food coloring for the red velvet portion of the bread.
In a lined loaf pan, alternate adding in the two batters. When both batters are in the loaf pan, take a knife and gently swirl the batters. Don't swirl too much, you don't want to mix them together.
Place the loaf pan in the oven and bake for 40-45 minutes or until a knife or toothpick inserted into the center comes out clean.
Allow the bread to sit on a cooling rack for 15 minutes before lifting out of the loaf pan. If making the icing, add it after you lift it out of the loaf pan. Spread the icing on the loaf while it's still hot or warm for easier spreading.