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Wells Fargo Capital Finance Closes $17MM Credit Facility for Lone Oak Payroll

May 04, 2018, 07:11 AM
Filed Under: Specialty Industries

ARA, Inc. dba Lone Oak Payroll and its trusted partner TempWorks Software® are proud to announce closure of a $17,000,000 secured credit facility with Wells Fargo Capital Finance. The new facility will enable Lone Oak Payroll to expand its staffing industry payroll funding activity as well as support its current customers’ organic growth.

“Closing this facility has exposed us to a greater degree of financial scrutiny crucial for our marketplace considering the type of services we provide. It’s important to our factoring clients that we prepare for their growth and imperative to our processing clients that we demonstrate our capacity to handle larger and more complex payrolls with the same degree of accuracy they’ve come to expect from us,” says David Dourgarian, CEO at Lone Oak Payroll.

The migration to Wells Fargo allows Lone Oak Payroll to post its clients’ payments faster and make fewer invoice verification phone calls to their customers. In addition, it gives Lone Oak Payroll the capacity to finance staffing firms on platforms other than TempWorks Software, representing a large and previously inaccessible market to the Minnesota-based invoice finance firm.

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