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BAM Worldwide Launches New Lending Platform for Motor Carriers

May 19, 2015, 07:12 AM
Filed Under: Trucking
Related: Factoring, Trucking

BAM Worldwide announced the availability of a specialty asset-based lending platform for motor carriers following the successful debut of BAMwire™ in the freight brokerage and logistics industry.

Slow-paying customers and slim operating margins are a bad combination in the capital-intensive and high-risk trucking business. Banks are generally unwilling to offer credit lines to small carriers, leaving them few options for turning their receivables into cash to pay for immediate fuel and other operating expenses and to take on more business.

Unlike traditional bank lending and high-cost factoring arrangements, BAMwire™ does not require personal guarantees and lets clients retain ownership and control of their receivables. Clients choose the specific invoices and amounts they wish to fund through BAMwire™. Clients pay a low, one-time transaction fee and competitive interest rate for the number of days that borrowed funds are used. The specialty platform has been tailored for the needs of small carriers to gain quick access to working capital to support long-term, profitable growth.

“We understand the financial restrictions and risks that make it difficult for small carriers to grow,” says 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.”

Besides the convenient and instant access to capital, the cloud-based BAMwire™ platform provides other vital cash management services from BAM Worldwide which include free, unlimited access to credit reviews to help carriers take on more business.

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