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 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...
Jeff Bezos took the controls of some huge robotic hands
Bezos Expects Robotic Hands To Be Ready Within 10 YearsJeff Bezos took control of a pair of giant remote-controlled robot hands at Amazon's re:MARS robotics conference in Las Vegas.The hands don't just mirror the movement of the person wearing the gloves —...
Amazon may soon face an antitrust probe
Here are 3 questions the FTC is asking about it The Federal Trade Commission has been questioning Amazon’s competitors about its Prime service and how it competes with its own marketplace sellers. Amazon and its fellow tech giants will soon find themselves the focus...