Loanpal, a point-of-sale payment platform, will open a new operating center in Bentonville, Arkansas. The project is expected to bring more than 100 jobs in financial technology to the region.
The company will relocate several current employees to Bentonville to help build the company's presence. Loanpal is scheduled to open its new office in the 8th Street Market in early March 2021.
"I am inspired to accelerate the growth of our company in Arkansas and look forward to making meaningful contributions in the Heartland," said Hayes Barnard, Founder, Chairman and CEO of Loanpal. "At the heart of our business is a drive to create more mission-driven American jobs that people are proud of, while building technology to connect a world in which we all live more sustainably."
"We love to see tech jobs coming to Arkansas, and Loanpal's decision to locate in Northwest Arkansas speaks volumes about the faith they have in our workforce," said Arkansas Secretary of Commerce Mike Preston. "These jobs will go a long way in improving economic conditions and quality of life for the region."
Loanpal, formerly Paramount Equity LLC, is a California-based finance technology company that provides financing options for the residential solar industry. The company was founded in 2003 as Paramount Equity and was later rebranded to Loanpal.
"The positioning of this new location in the heart of Bentonville strengthens our economy by attracting tech talent and it also increases opportunity for local small businesses," said Graham Cobb, president and CEO of the Greater Bentonville Area Chamber of Commerce. "We're proud to encourage and support moves like this, which demonstrate that efforts to showcase this 21st Century Community through events like the NWA Technology Summit are paying dividends. Congratulations to Loanpal and to the team working collaboratively to build the next generation of Bentonville."