Report: GE Capital to stop financing gun-shop purchases

GE Capital plans to end a program that helps gun customers finance purchases, according to reports.

The financing arm of General Electric Co. said through a spokesman that the shift comes as a result of the tragic events in Newtown and subsequent legislative changes and industry changes. GE and GE Capital – headquartered in Fairfield and Stamford, respectively – were particularly close to the Dec. 14 shooting, and many employees live in that area.

GE Capital had been one of only a few financial services firms to finance gun purchases. According to reports, GE Capital ceased to provide financing for new gun-buyers 2008, and has since only operated the lending program for existing gun-shop customers.

The decision to end the program altogether will reportedly affect fewer than 75 customers.

Following the announcement, several groups reportedly announced plans to boycott all of GE’s products.