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
One-day shipping makes Amazon shoppers spend more
The reason why Amazon is heavily investing in faster delivery Amazon shoppers who get same-day delivery are likely to spend and shop more on the e-commerce site compared with shoppers who don’t get same-day delivery. The survey data, collected by the...
Four standout business tips from Jeff Bezos
Jeff Bezos addresses the audience at the Amazon re:MARS conferenceAmazon CEO Jeff Bezos talked about a range of subjects at the re:MARS conference, but he seemed most excited when asked for simple business advice.Here are five of his standout quotes from...
Amazon plans to begin drone deliveries “within months”
Amazon Reveals Its Latest Delivery Drone Design Amazon claims the deliveries will begin in the next few months with a new drone that combines the behavior of a plane with that of a helicopter. According to CNN, Amazon claims the deliveries will begin in...
