Amazon suspends loan repayments amid coronavirus
Amazon announced that it would temporarily suspend seller loan repayments, in the prospect of declining sales during the coronavirus pandemic.
Repayments under the Amazon Lending program will be paused until April 30. Interest would not accrue during that period.
This program has offered sums between $1,000 – $750,000 to merchants looking for capital to acquire inventory, expand their product lines and advertise on Amazon, reports LiveMint.com.
More than 20,000 merchants have gotten loans from Amazon, the company said in 2017. By the end of 2019, Amazon stood to receive $863 million from sellers to whom it provided financing through the lending program, according to a company filing. The loans’ terms range from three to 12 months, carrying interest rates from 6% to 19.9%.
More Amazon news
Consumers feel guilty after shopping on Amazon, but keep coming back
Amazon reputation takes a plunge Amazon is dealing with a tsunami of online buying and shipping since the pandemic lockdown started and it continues to grow. Fulfillment centers are overloaded, causing shipments losses and delivery delays. Amazon has added more than...
Amazon bans Chinese sellers with $1 billion revenue
Several top Chinese sellers have disappeared from Amazon Amazon has blocked over a dozen Chinese sellers for alleged “suspicious behaviour”, including two of the biggest electronics Amazon-native brands out of China. The total sales by the suspended sellers exceeds...
Amazon will let sellers contact customers directly
Amazon is loosening its grip on customers Amazon is testing a new feature for sellers that will let them contact customers directly by email to notify them of things like new product announcements or sales. It’s a major change from Amazon’s current policy, which is to...
