The Bam Worldwide company announced the availability of BamWire, a specialty lending platform for motor carriers, following the plaform’s debut in brokerage and logistics. The factoring alternative, the company says, is particularly well-suited to small carriers unable to secure bank credit lines to turn their receivables into cash to pay for immediate fuel and other operating expenses and to take on more business.
Unlike traditional bank lending and factoring arrangements, BamWire doesn’t require personal guarantees and lets clients retain ownership and control of their receivables. Clients choose the invoices and amounts they wish to collect through BamWire. The charge to use the system: a “one-time transaction fee and competitive interest rate for the number of days that borrowed funds are used,” the company says.
“We understand the financial restrictions and risks that make it difficult for small carriers to grow,” says Bam Worldwide President and CEO Todd Ehrlich. “Our solution removes these barriers by providing a simple, efficient workflow for carriers to infuse low-cost capital when and where they need it to facilitate growth through fast, low-friction access to working capital, to improve profitability.”