Eastern Funding LLC announced a key, senior management change with the promotion of Stephen Gramaglia from Executive Vice President to the position of Chief Operating Officer.

With a Bachelor’s Degree in Business Administration from Pace University in Pleasantville, New York, and following stints at Medallion Financial Corp, TLC Funding Corporation, and CPC Services, Inc., Mr. Gramaglia joined Eastern Funding in 1999. In his new role, Mr. 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.

Michael Fanger, Eastern Funding’s Founder and President noted, “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. Stephen Gramaglia is extremely well-regarded within the company and by Eastern’s clients around the country. 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.”