NEW YORK — Eastern Funding LLC, a commercial lender specializing in service to dry cleaners and coin laundries, reports it has promoted Stephen Gramaglia from executive vice president to chief operating officer.
“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,” says Michael Fanger, Eastern Funding founder and president.
Gramaglia has a bachelor’s degree in business administration from Pace University. He joined Eastern Funding in 1999, previously working for Medallion Financial Corp., TLC Funding Corporation and CPS Services, Inc.
In his new role, 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.
“[Gramaglia] is extremely well-regarded within the company and by Eastern’s clients around the country,” Fanger adds. “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.”
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