General Electric Co. GE +0.09% is quietly cutting off lending to gun shops, as the company rethinks its relationship to firearms amid the fallout from the school shooting in Newtown, Conn.
GE is quietly cutting off lending to gun shops in the wake of the shootings in Newtown, making it the latest financial firm to back away from the gun industry. Joe Palazzolo reports on The News Hub. Photo: AP Images.
This month, Glenn Duncan, owner of Duncan’s Outdoor Store in Bay City, Mich., said he received a letter from GE Capital Retail Bank in which the lender said it had made “the difficult decision” to stop providing financing services to his store. Other gun dealers have received similar notices.
Rex McClanahan, co-owner of Buds Gun Shop in Lexington, Ky., remembered first meeting GE representatives at an outdoor trade show called Nation’s Best Sports in Fort Worth, Texas.
GE is at least the second big financial firm to retreat from the gun business following the school shootings, which claimed the lives of 20 first-graders and six adults in December.