Atlanta-based lender cuts ties with clients selling assault styl - CBS46 News

Atlanta-based lender cuts ties with clients selling assault style weapons

Posted: Updated:
Source: WGCL Source: WGCL

When a small business needs a loan, many times they turn to the Atlanta-based, online company Kabbage.

CEO Rob Frowein says the company has put out $4.5 billion to 150,000 businesses across the country and close to 10,000 of those are based in metro Atlanta. That's unless they're in the gun business.

"When you walk into a retailer there's a very good chance that we work with them at some point in the past, we work with them now or we're looking to work with them in the future," says Frowein. "We're not going to fund any small business we identify as a seller of assault style weapons or sell guns to customers who are under the age of 21."

The policy change comes after 17 students were killed at Marjory Stoneman Douglas High School in Parkland, Florida. The shooter, 19 year-old Nikolas Cruz, walked into the school with an AR-15 rifle.

Frowein says the initiative isn't about hurting small businesses. It's about caring for the community.

"We would be devastated if anybody bought a gun and that was someone tied to financing we provided as a company," said Frowein. "I don't mind if you don't agree with our approach but what you can't do is just sit down and not pay attention to it."

Frowein also plans on taking a stand while walking out of this office on March 14 as he participates in the National School Walkout. He also says he will donate hundred of thousands of dollars to any organization chosen by the Parkland High School students.

Copyright 2018 WGCL-TV (Meredith Corporation). All rights reserved.

Connect with CBS46