G & L Internet Finds New Market

One of the newest financial institutions is the G & L Internet Bank, which opened its cyber-doors by marketing to the Gay and Lesbian community.

The full-service bank markets itself as a place where anyone can bank without discrimination 24 hours a day. Through its website, it offers a full line of banking services such as small business loans, home mortgages, checking accounts and certificates of deposit.

The bank's website says the potential market is huge and lucrative - it says there are 21 million gay people in the United States and that they have a higher disposable income than the general population. It also says the gay community relies heavily on the Internet, 9.2 million gay and lesbian people are online, according to their estimates.

On the first day of business for the bank, which was in October, 14,000 people opened accounts.

Copyright © 2000 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 10, No. 1, 1/00