Small business lender will stop loans for AR makers

Atlanta-based lending service will not fund businesses that manufacture “assault style” firearms or ones that sell guns and ammo to buyers under 21.

With Monday’s statement, Kabbage Inc joined a growing list of financial companies to take a stand following the school shooting in Parkland, Florida, that left 17 people dead and 15 injured.

“The technology community must work to prevent these horrifying and heartbreaking events from robbing our children of their futures,” the company said, adding the company will donate up to $350,000 to victims and to gun violence prevention charities.

Kabbage offers loan options up to $250,000 for a host of small business types, but less than one percent of its customers fall into the category of weapons maker or sellers that would be banned under the new policy, Bloomberg reported.

Two of the largest money management firms launched efforts last week to distance themselves from investing in the gun industry. BlackRock Inc and Blackstone reviewed policies regarding monies tied up in gun makers and sellers.

BlackRock asked publicly traded gun companies to provide insight into their policies so it could better provide clients investment options. Blackstone asked hedge fund managers to review portfolios if funds were directly tied to the gun industry.

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