EAGAN, MN – May 3, 2018 – 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.
About Lone Oak Payroll
Based in Eagan, Minnesota, ARA, Inc. dba Lone Oak Payroll offers payroll funding and comprehensive solutions to help large, medium, and small staffing agencies and businesses finance growth, reduce costs, improve efficiency, and maximize profitability. Lone Oak Payroll clients also benefit from payroll processing services, back office support, and online applicant tracking system through its trusted partner, TempWorks Software.