Top Sponsors Cut Funding For San Francisco LGBT Pride Event

San Francisco Pride has taken a financial hit after major companies pull sponsorships.

High-profile sponsors have pulled their financial support ahead of this years LGBTQ Pride event in San Francisco.

The news comes amid a push by the the Trump administration to cut federal funding for programs related to diversity, equity, and inclusion (DEI).

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RT reports: Multiple firms, including US telecommunications corporation Comcast; Diageo, the owner of such alcohol brands as Guinness and Smirnoff; and Anheuser-Busch, the company that owns Budweiser and Stella Artois, have pulled their financial support the event, Forbes wrote on Friday.

Organizers have budgeted $3.2 million for this year’s two-day bash, which will feature a parade. There are plans for corporate sponsorships to cover some $2.3 million of the sum, executive director of San Francisco Pride Suzanne Ford told SFGATE news outlet in an article published earlier this week.

A total of five sponsors have cited a lack of funds and pulled out, resulting in the total loss of $300,000 in corporate funding, Ford told the television channel KTVU Fox in an interview last week.

“I’m very concerned. Obviously, there’s pressure from the federal government,” she told the channel. Trump’s anti-DEI policy has played a role in the sponsors leaving, Ford said.

According to Forbes, a number of other pride events, including in New York, Houston and Washington, have reported that some of their corporate sponsors have either withdrawn or scaled back their support.

“The current political and economic climate has had a significant impact on sponsorship levels from corporations,” Houston Pride’s board of directors told Forbes.

Since his inauguration in January, Trump has slashed a number of programs, contracts and grants related to DEI policies, claiming they are both wasteful and discriminatory.