Commercial Financing Leader, Eastern Funding, Appoints New COO

Eastern Funding LLC, one of the country’s leading direct lending and commercial financing companies, announces a key, senior management change with the promotion of Stephen Gramaglia from Executive Vice President to the position of Chief Operating Officer. 

With a Bachelor’s Degree in Business Administration from Pace University in Pleasantville, New York, and following stints at Medallion Financial Corp, TLC Funding Corporation, and CPC Services, Inc., Mr. Gramaglia joined Eastern Funding in 1999. In his new role, Mr. Gramaglia will oversee credit operations along with a number of the company’s business units including Credit, Documentation, Loan Servicing, Customer Service, Sales and Marketing, Human Resources, Compliance, and Information Technology.

Michael Fanger, Eastern Funding’s Founder and President noted, “Stephen’s experience in the specialty finance industry extends back to when he was a 20-year-old junior in college. Ever since he joined Eastern 16 years ago, he’s been a key member of our management team, and he’s played a vital role in our growth and commercial financing success. Stephen Gramaglia is extremely well-regarded within the company and by Eastern’s clients around the country. We look forward to the mix of experience, expertise, and outstanding leadership qualities that he brings to his new role as Eastern Funding’s Chief Operating Officer.”

Headquartered in New York City and founded by commercial banking and lending veteran Michael Fanger, Eastern Funding has become a leader in commercial financing for the Vended Laundry and Specialty Vehicle Businesses. Since its inception in 1997, Eastern Funding has provided more than $1.3 billion in funding, and in 2012, Monitor Magazine ranked Eastern Funding as the 36th-largest bank-owned leasing and financing company in the United States. The company makes small business lending available to facilitate new and used equipment purchases, acquisitions and refinancing of retail stores and real estate purchases, and provides fixed and floating-rate loans. Eastern Funding LLC is a subsidiary of Brookline Bancorp, Boston, MA (NASDAQ: BRKL). For more information about Eastern Funding and its business financing services, visit easternfunding.com.