General Electric Co. said they found out it was financing a small number of gun purchases in the wake of the Newtown, Connecticut, school shootings, despite deciding five years ago to avoid the practice and moved to stop future loans.
The firm’s GE Capital department stopped giving client financing in 2008 at sellers whose primary business was firearms, except to less than 75 old, trusted businesses. After the Newtown incident, it stopped financing even that handful of stores, spokesman Russel Wilkerson said.
The GE capital loans have usually been for quite small amounts with most guns costing only a few hundred dollars, and have little impact on GE Capital’s portfolio.
The Newtown shooting incident has led to other capital investment changes.
Read the rest of the news about GE’s action to stop all loans to gun shops here.