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
New Year in China 2021: lockdown 2.0
China's COVID-19 case spike forces another harsh lockdown China is enforcing strict new measures, trying to contain the spread of COVID-19. The new initiatives are aimed to limit and discourage movement during the traditional migration period. The following regions...
New Communication Guidelines for Amazon buyer-seller messages
Amazon Communication Policy update: What sellers need to know? Amazon has recently updated its Communication Guidelines. Sellers are required to follow them for any communication with buyers. You can see the full details here. What does this mean for Amazon sellers in...
Amazon Early Black Friday Deals start 26th October 2020
Amazon Black Friday Deals submission deadlines This year Amazon will be running three weeks for Early Black Friday Deals starting at the end of October, followed by Black Friday and Cyber Monday at the end of November. Early Black Friday Deals will be available to ALL...