You are currently viewing the printable version of this article, to return to the normal page, please click here.

GE Capital cuts lending deals for gun shops

Question of the Day

What has been the biggest debacle on Obama's watch?

View results

The lending arm of General Electric, GE Capital, cut off funding to retail owners whose main business venture is to sell guns.

Dozens of retailers have lost their financing, The New York Times reported. A spokesman for GE said the loss hits less than 1 percent of American gun retailers, though. The company said the cut-off was due to "industry changes, new legislation and tragic events," and expands on a policy put in place in 2008. Then, the company said it would quit offering financing for gun shop purchases, but would keep in place and grandfather existing agreements.

Company spokesman Russell Wilkerson said in The Times report that the financing change only applies to businesses that sell primarily guns — and not to businesses that sell guns as well as plenty of other products.

For instance, Mr. Wilkerson said in The Times report, Walmart would still be eligible for GE Capital funding.

© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.

Comments
blog comments powered by Disqus
TWT Video Picks