Wells Fargo Capital Finance closed a $17 million secured credit facility for Lone Oak Payroll and its partner, Tempworks Software. The facility will be used to expand the company’s 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,” said David Dourgarian, CEO at Lone Oak.
The migration to Wells Fargo will allow Lone Oak to post its clients’ payments faster and make fewer invoice verification phone calls to its customers. It also gives Lone Oak the capacity to finance staffing firms on platforms other than TempWorks, representing a large and previously inaccessible market to the firm.
Based in Eagan, MN, Lone Oak Payroll offers payroll funding and solutions to help large, medium and small staffing agencies and businesses finance growth, reduce costs, improve efficiency and maximize profitability.
