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
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...
Shipments from China to Amazon during coronavirus outbreak
Amazon is limiting shipments to certain types of productsAmazon is suspending all shipments other than medical supplies, household staples and other high-demand products amid coronavirus crisis. Amazon is prioritizing goods in baby, health and household,...
Amazon launches full online store in the Netherlands
Amazon launches dedicated Dutch service Amazon has launched its new Dutch website Amazon.nl, with a range of more than 100 million products. Amazon previously used its Dutch site only for the sale of e-books, reports BrusselsTimes.com. The new site will...