Bam Worldwide announced Bamwire, a specialty asset-based lending platform for motor carriers designed to help small fleets grow their business.
An alernative to factoring, Bamwire does not require personal guarantees and allows clients to retain ownership and control of their receivables. Clients have control over which invoices and amounts they want to fund through Bamwire.
Clients of Bamwire and required to pay a one-time transaction fee with interest for the number of days the borrowed money is used. Bamwire is cloud-based and provides other cash management services like access to credit reviews.
The platform is directed at small fleets that need access to working capital to support long-term growth, according to Bam.
“We understand the financial restrictions and risks that make it difficult for small carriers to grow,” said Todd Ehrlich, president and CEO of Bam Worldwide. “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.”
For more information on Bam Worldwide, click here.