As Finance Firms Limit Dealings With Gun Businesses, A Crowdfunding Site To Serve Them Launches

Larry Lopate holds an M240 — a machine gun — at a Fleet Week event in New York City. Crowdfunding sites including Kickstarter and Indiegogo don’t allow gun-related campaigns or weapons as perks, which signaled an opportunity to Larry Lopate and his three partners. One person’s poison is another person’s meat. The group had developed a device to adjust the trigger for 1911 handguns (semiautomatic, 45-caliber handguns). Most of this category of guns come with long triggers, meaning you have to pull back a long way before the guns go off, said Lopate. That may be less than ideal for people, depending on the size and shape of their hands. “If you want to change the trigger, you have to go to a gunsmith,” Lopate said. The group put about $150,000 into their product, TrigFit, which gun owners can install on their own. Lopate’s share is coming from his savings from a lighting business he owned. The partners wanted to crowdfund the development of the final prototype. After discovering that mainstream sites wouldn’t accept their campaign, they decided to start a platform of their own. Gun Dynamics launched April 19. When I talked to Lopate in mid June, it had launched four campaigns and had about 20 more lined up, he said. The site is expensive – it’s taking 10% of what is raised; the group running the campaign pays an additional 3% in transaction fees. “We do charge higher fees,” Lopate said. “We’re in a high-pressure niche. We’re […]

This site uses Akismet to reduce spam. Learn how your comment data is processed.