SOURCE: Eastern Funding

Eastern Funding

June 27, 2011 12:18 ET

Eastern Funding Powers the Laundry Business -- and Powers Higher on Monitor 100 List

NEW YORK, NY--(Marketwire - Jun 27, 2011) - Eastern Funding LLC, one of the country's leading business financing companies (with a special focus on the coin laundry, convenience store, and dry cleaning industries) has jumped to #76 on the Monitor 100 list of the largest equipment finance and leasing companies in the U.S. Headquartered in New York City, Eastern Funding has facilitated loans of more than $500 million since its inception in 1997 and the company's consistent growth and success in the laundry business is reflected in its climb up the Monitor 100.

Eastern Funding's Executive Vice President, Brian Grell, noted, "The Monitor 100 ranking validates Eastern Funding's commitment to developing effective lending solutions and to provide business financing." While speaking on a panel of laundry business experts at a recent Coin Laundry Association event, Mr. Grell also added encouragement to business owners and entrepreneurs by saying that there is plenty of business financing and funding available: "Yes, experience helps, it's a big factor. The second and third stores are always easier to finance... but enthusiasm and passion for the business is huge."

The Monitor 100 is published annually and is the only source of its kind that provides a total dimensioning of the largest equipment finance and leasing companies in the U.S. The report is unique in that it's primarily dependent on data that comes directly from the participants and not from other published sources. More information can be found by visiting www.monitordaily.com.

Founded in 1997 by commercial banking and lending veteran, Michael Fanger, Eastern Funding is a leader in financing for the laundry business and is considered a "one-stop-shop" of direct lending. The company makes business financing available to facilitate new and used equipment purchases, acquisition or refinance of retail stores, real estate purchases, single store or chains, and provide fixed- and floating-rate loans. Eastern Funding LLC is a division of Brookline Bank (NASDAQ: BRKL) with offices headquartered in New York City. For more information about the company and its services visit www.easternfunding.com.

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