WINSTON SALEM, N.C., Aug. 8, 2022 /PRNewswire/ -- Parsonex Capital Partners ("Parsonex") today announced the launch of a Credit Enhancement Facility to a Class 8 truck lease origination company, Traction Capital and Leasing ("Traction"), one of the most committed partners of truck drivers across the country.
Traction was founded to help hard-working small business owners navigate the sometimes frustrating and confusing finance process necessary for securing a truck. "We are here to help dealerships and drivers find financing alternatives that help put trucks and trailers on the road and business owners in the driver's seat," says Dakota Forgione, the company's Chief Executive Officer. "Traction is committed to giving small business owners the tools they need to be successful. Commercial drivers are the backbone of America and we are proud to be capitalizing their future. We are pleased to be working with Parsonex to grow the Traction Capital and Leasing business."
Last year, trucking companies in the United States suffered a record deficit of 80,000 drivers, according to the American Trucking Associations, a trade association. "There's no silver bullet for fixing this," says Robert Costello, the trade association's chief economist. "We need to get more people into the industry." Backed by Parsonex, Traction is hard at work helping to do just that, get more drivers on the road.
"Given the logistical roadblocks the country is experiencing, getting more drivers into trucks through the credit enhancement facility with Traction creates a win-win solution for drivers and the country's supply chain" says Fred Adams, Chief Investment Officer of Parsonex.
Parsonex President and CEO, Jonathan Miller agrees that drivers with trucks are in high demand and the timing of this opportunity for Traction, could be once-in-a-lifetime. "Parsonex has an amazing and experienced team and partnered with Traction's leadership and industry expertise, I anticipate we will see significant growth in their business and I am thrilled to be involved in helping drivers get started during this unique time in our country.
Parsonex Capital Partners (Parsonex), headquartered in Englewood, CO, is a private fund sponsor, with a focus on real estate development, qualified opportunity zones and special situations. With special situations, Parsonex primarily focuses on commercial & industrial (C&I) assets or loans and on non/sub-performing commercial loans and real estate assets which are distressed, undervalued, or value-add opportunities.
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SOURCE Parsonex Capital Partners, LLC