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
Amazon lifts ban on shipping of non-essential products
Amazon is going to start accepting all non-essential products again Amazon has started to allow third-party sellers to ship non-essential items to its warehouses. Starting later this week, the company will begin to accept more products in its warehouses,...
Amazon halts its Shipping Program
Amazon to halt third-party delivery service that competes with UPS and FedEx Amazon is taking a break from its two-year-old Amazon Shipping pilot program in the U.S.—in a move seen as potentially benefiting package giants UPS and FedEx. The company...
The ways to keep the Amazon business in 2020
Business on Amazon in view of the current situation Amazon sellers will need to make some drastic changes to ensure the survival of their business On March 17, Amazon announced it would freeze non-essential FBA shipments from its third-party sellers. The...
