NEW YORK — Eastern Funding LLC, a business financing company focusing on the coin laundry and dry cleaning industries, climbed to 36 on Monitor’s annual Top U.S. Bank Leasing & Finance Companies list.
The improved ranking reflects the company’s increased net assets in 2010 by $29.4 million. In a tough year for the financing industry, Eastern Funding’s 17% growth was the fourth highest listed.
“Our growth and success at Eastern Funding continues to be powered by our belief in the value of looking beyond standard credit criteria to develop financing that's tailored to help our customers reach their business goals,” says Marc Stern, Eastern Funding’s chief credit officer. “It’s our customers that bring vision and opportunity to the table, and it's our commitment to then say ‘yes’ with the right financial solutions.”
Founded in 1997 by Michael Fanger, Eastern Funding is headquartered in New York City. The company specializes in financing new and used equipment purchases, acquisitions and refinancing of retail stores, and real estate purchases.