In 1997, Michael Fanger and Brian Grell launched Eastern Funding with a focus on the commercial laundry industry in the Northeast. Since then, the company, which has surpassed $2 billion in funded projects, has built upon its strong foundations – branching out nationwide and, among its major milestones in 2017, entering the Canadian market.
“I remember, when we started, my goal was to have $20 million in annual fundings,” said President Michael Fanger. “To have funded more than $2 billion in projects since then is gratifying.”
Now in its 20th year, Eastern Funding is a leading equipment finance company operating nationally and has been recognized multiple times as a top provider in its category. In 2016, the company was recognized as a “Top 50 U.S. Bank Finance/Leasing Company” by Monitor.
As the leading non-captive financing company in the commercial laundry industry, Eastern Funding has helped thousands of laundry and drycleaning business owners with funds for new equipment, business acquisitions, refinancing and the building of new laundromats.
In addition, the company has expanded its footprint outside of laundry and is a leader in convenience store financing in the Northeast. The company’s Specialty Vehicle and Equipment Funding Division was established five years ago and has grown into one of the top bank-owned financing companies in the tow and recovery industries.
“Over the 20 years we have been in business, we have strived to be a resource for our customers and others in the industries we serve,” said Executive Vice President Brian Grell. “Because we offer more than just financing, customers, equipment vendors and even some competitors have come to us for expertise and an unbiased look at the industry. We have built rock-solid relationships across these segments, and we utilize them to help our customers grow their business.”
