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 changed search algorithm to boost its own products
Amazon search system favors products with higher profit margins Amazon began making changes to its search results last year to prioritize profitability over relevance and to boost its own products. According to The Wall Street Journal, Amazon optimized the...
Jack Ma has officially retired from Alibaba
Alibaba begins new era as founder departsJack Ma has officially retired from Alibaba on Tuesday. He celebrated his retirement with a big bash at an Olympic-sized stadium in the company's hometown of Hangzhou.Ma is stepping away from Alibaba at a relatively...
Amazon is facing probe by US antitrust officials
The FTC is interviewing Amazon sellers as part of antitrust probe Antitrust officials have begun interviewing Amazon sellers to determine whether the e-commerce giant is using its market power to hurt competition. Federal Trade Commission investigators...