Daily Bulletin » Credit

Citibank Refuses to Issue Credit to Gun Parts Makers

Editor — Fri, 08 Oct 2010 17:09:50 +0000

Recently Charles Lake, President of Warne Scope Mounts, applied for a business line of credit at Home Depot. The application was initially approved, but a day later the credit line was rescinded based on Warne’s industry sector. Lake was expressly told that credit was denied because Warne “make[s] parts for the gun industry.”

Home Depot credit lines are managed by Citibank, so the decision to black-ball Warne Scope Mounts was based on Citibank policies. Rich Grassi, editor of the Tactical Wire, contacted Citibank to find out why Warne’s credit application was denied. Grassi received this reply from Citibank’s Elizabeth Fogarty (Public Affairs):

“Citi does not prohibit the financing of firearms purchases by individuals nor the financing of businesses that manufacture and sell them to individuals for recreational use. However, we do prohibit financing merchants in the non-ancillary military equipment industry, including the financing of businesses that manufacture and or sell firearms for military use.” In response to Grassi’s request for clarification, Citibank replied: “The policy prohibits financing businesses that manufacture and/or sell firearms for military use.”

Grassi Will Provide Updates on Gun Talk Radio Show
To learn more about this situation, read the “Politics of Credit” story on The Shooting Wire . This weekend, Rich Grassi will appear on Tom Gresham’s Gun Talk radio show to provide the latest updates on the Citibank vs. Warne controversy.

Brownell's Offers Financial Services Package for Small Gun Businesses

Editor — Sat, 05 Sep 2009 14:47:00 +0000

Brownell’s offers a financial and insurance services package designed expressly for gunsmiths, gunshops, and small-to-medium-sized firearms businesses. The program, “Brownells Business Advantage” (BBA), offers reduced-rate credit card processing, property/liability insurance, and discounted UPS shipping. With card processing rates as low as 1.38%, the BBA program could save a gunsmith hundreds of dollars a year. For example, we’ve found that most other credit card processsing services charge 2.2-2.5% per transaction. A 1% card processing fee reduction will save you $10 on every $1000.00 of customer spending.

Brownell’s business partner for credit card processing and Visa business cards is the First National Bank of Omaha. The Joseph Chiarello Company and AIG will provide property & liability insurance created specifically for companies in firearms-related businesses.

Initial membership in the Brownells Business Advantage is $50 with a $25 annual renewal fee.

CLICK HERE for VIDEO Explaining BBA Benefits

Brownell's Offers Financial and Insurance Services Program for Small Businesses

Editor — Sat, 21 Mar 2009 16:06:30 +0000

Brownell’s offers a financial and insurance services package designed expressly for gunsmiths, gunshops, and small-to-medium-sized firearms businesses. The program leverages Brownell’s business relationships to provide more affordable services for smaller companies. Brownells Business Advantage (BBA), provides reduced-rate credit card processing, property/liability insurance, and discounted UPS 2-day and Next day shipping. With card processing rates as low as 1.38%, the BBA program could save a gunsmith hundreds of dollars a year. Most other credit card processsing services charge 2.2-2.8% per transaction. A 1% card processing fee reduction will save you $10 on every $1000.00 of customer spending. Brownell’s business partner for credit card processing and Visa business cards is the First National Bank of Omaha.

$50.00 to Join, Plus $25.00 per year
Initial membership in the Brownells Business Advantage costs $50 with a $25 annual renewal fee. Questions? Send email to BBA [at] brownells.com or call Jo Ann at 641-623-5401 Ext. 5447.

CLICK HERE for VIDEO Explaining BBA Benefits