SOURCE: Eastern Funding

Eastern Funding

April 01, 2013 14:08 ET

Eastern Funding Announces Key, Executive Management Promotions

NEW YORK, NY--(Marketwire - Apr 1, 2013) - Eastern Funding LLC, one of the country's leading direct lending and commercial financing companies, has recently promoted two key executive management personnel to Executive Vice President. Stephen Gramaglia, who has worked with Eastern Funding since 1999 and previously served as the Senior Vice President of Operations, will now serve as an Executive Vice President. Mr. Gramaglia, who holds a Bachelor's Degree in Business Administration from Pace University in Pleasantville, New York, will continue to oversee the general operations of Eastern Funding's business while transitioning into his new role as Executive Vice President. 

Marc Stern, who joined the management team in 2007, has also been promoted to Executive Vice President. With the promotion, Marc will continue to hold his role as Chief Credit Officer of Eastern Funding and Eastern Funding's Specialty Vehicle Division. Marc has specifically helped to enhance Eastern Funding's reputation as a national lender, and within the past year, successfully spearheaded the launch and management of Eastern Funding's new Specialty Vehicle Division, which provides direct lending to the tow truck, ambulance, pupil transportation, and specialty commercial vehicle industries. Marc is a graduate of Emory University and is a licensed attorney in New York.

Commenting on the two promotions, Eastern Funding's Founder and President Michael Fanger explained: "The recent promotion of Stephen and Marc reflects our consistent focus on a management structure that is aligned with Eastern's core values of building long-term customer relationships, delivering the right financing, and empowering them to succeed. We put our management team and their commercial financing experience at the side of our clients to help them grow and achieve new business goals, and no one has epitomized that work ethic more than Stephen and Marc."

As a leader in financing for the laundromat, dry cleaning, and specialty vehicle industries, Eastern Funding continues to provide customers with commercial leasing and financing solutions. Operating as a direct lender, Eastern Funding provides leases and loans with both fixed and floating rates. Eastern Funding's recent launch of its Specialty Vehicle & Equipment Funding division, delivers Eastern's commercial lending expertise and direct financing programs to equipment and specialty vehicles, such as tow trucks, pupil transportation and ambulances across the country. Visit to learn more about the wide range of financing programs for equipment and commercially focused specialty vehicles.

Headquartered in New York City, Eastern Funding has become a leader in financing for small businesses by providing more than $850 million in funding since its inception in 1997. This year, Eastern enters its 17th year of providing commercial loans and financing and in 2012 was ranked by Monitor Magazine as the 36th largest bank-owned leasing and financing company in the United States. Eastern Funding LLC is a division of Brookline Bancorp (NASDAQ: BRKL). For more information about Eastern Funding and its business financing services, visit:

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