(Reuters) – Amazon.com Inc (AMZN.O) on Wednesday said it temporarily would not require sellers in its marketplace to repay loans it had made to them, as merchants confront the prospect of declining sales during the coronavirus pandemic.
FILE PHOTO: Amazon logo is seen in front of diplayed coronavirus disease (COVID-19) in this illustration taken March 19, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
The world’s largest online retailer notified sellers that its program known as Amazon Lending would pause repayments beginning Thursday until April 30. Interest would not accrue during that period, it said.
The program has offered sums between $1,000 and $750,000 to merchants looking for capital to acquire inventory, expand their product lines and advertise on Amazon.
“Loan repayments will restart on May 1, 2020 … You will have the same number of remaining payments once repayment resumes,” Amazon said in a seller message obtained by Reuters.
More than 20,000 merchants have…
Source Reuters Tech News
Source link
