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The W&A management industry is not the only vertical of financial services paying attention to the social impact mandate - SMB lender Kabbage is cutting all ties with clients that make or sell assault-style rifles or sell ammunition to those under 21 years of age. The online lenders moves go much further than bigger financial firms such as B of A.
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Frohwein said its clients likely include both specialty gun shops and stores such as pawnshops or sporting-goods retailers where weapons are not the main business. It is still identifying which clients would face changes under the new terms, and plans to speak with them starting on Monday. “Our goal is not to put anyone out of business or cause any harm to those businesses,” Frohwein said.
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