The Los Angeles Times ran a story that deeply saddens me because it is a vulgar display of discriminatory business practice. Apparently, the finance arm of General Electric has decided to discontinue extending credit to gun shops across the United States. Frankly, I do not understand their policy, especially in light of the fact that gun shops are federally licensed businesses; operating legally under state and federal oversight. I think something needs to be done about this.

GE Capital issued this statement on 24-Apr-2013 addressing its new policy:

“As a responsible lender, we regularly review our lending policies and products to meet changing conditions and requirements. In 2008, we adopted a policy to cease providing consumer financing programs to merchants whose primary business is to sell firearms.  Recently, we implemented a more rigorous audit process in our sporting goods segment in light of industry changes, new legislation and tragic events that have caused widespread reexamination of policies on firearms. This process has affected less than 75 retailers (approx. .001% of all gun retailers) and an immaterial part of our sales volume.”

The new policy will not impact diversified department store operators who also sell firearms, like Dick’s Sporting Goods; however, if you’re a small business owner, who’s primary line of business is firearms you’ll have to get financing elsewhere.

I think America’s gun owners should respond by boycotting GE products especially it’s financial services. If you’re a car dealer look at alternative sources for your flooring. If you operate a retail business and support the Second Amendment look to other sources for your lines of credit or receivable financing. If you offer your customers a branded retail credit product underwritten by GE Capital please take that business elsewhere.

Please be sure to share this story with your elected officials. This nonsense needs to stop.

This is a ridiculous position to take and discriminates against hard working entrepreneurs legally operating their businesses and actively contributing to their communities and local job markets.

(Read the story)