Eastern Funding LLC

What Eastern Funding LLC does

Eastern Funding LLC is a New York-based specialty finance lender founded in 1997, operating as a division of Beacon Bank and serving small and medium-sized businesses across all 50 U.S. states. The company originates equipment loans, acquisition financing, SBA 504 loans, new-store financing, and refinancing — primarily to laundromat and car wash operators, with an emerging grocery, deli and convenience-store vertical. Loan tickets start at $10,000 with terms of 12–120 months; SBA 504 loans can extend up to 25 years on real estate. Differentiated origination products include the XPRESS-APP application-only program (up to $500,000 with credit decisions in as little as one business day for new vended laundry equipment) and an application-only car wash program up to $250,000. The business model combines a direct sales force of dedicated loan officers — many of whom are former laundry/car wash owners, distributors, or store builders — with online self-service tools (credit application, loan calculator, electronic document signing, one-time payment portal) and a non-captive financing structure that lets borrowers choose their preferred equipment brand.

Since inception Eastern Funding has financed more than $3 billion across thousands of projects, supported by long-standing ecosystem relationships including title sponsorship of the Coin Laundry Association's Excellence in Laundry conference (since 2012), a Strategic Corporate Ally designation with CLA, and the founder's 2025 appointment to the LaundryCares Foundation board. The company merged operations with Macrolease Corporation in June 2022, expanded vertically into grocery, and refreshed leadership in 2025 with the promotion of Nancy Robles to CEO and the hiring of Falencia Prime as COO. Revenue is generated through net interest income on originated loans plus origination and SBA packaging fees; pricing is quote-based and not publicly disclosed. Recent industry recognition includes Monitor's 2026 Best Companies in Equipment Finance and a 2025 Champion of Inclusivity award.

Name

Eastern Funding LLC

Legal name

Eastern Funding LLC

Website

https://easternfunding.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

51–100 employees

Short description

Eastern Funding LLC is a New York-based specialty finance lender founded in 1997 that provides equipment, acquisition, SBA 504, and new-store financing to SMB operators in the laundry, car wash, and grocery industries across all 50 U.S. states, operating as a division of Beacon Bank.

Ownership category

akta.pro rank

Product category

Specialty Commercial Lending

NAICS

Sales Financing (522220), Credit Intermediation and Related Activities (522), Commercial Banking (522110)

SIC

Miscellaneous Business Credit Institution (6159), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

SME Term Loans & Growth Capital (FSAKAGAB)

akta.pro secondary industries

SBA/USDA Government-Backed Loan Intermediation (FSAEAEAI), SBA/Government-Backed & Development Finance Loans (FSAKAGAI)

Keywords

• Specialty commercial lending
• Equipment financing
• SBA 504 loans
• Laundromat financing
• Car wash financing

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Equipment Financing: Financing for commercial laundry and car wash equipment. Loans starting at $10,000 with terms from 12-120 months. Non-captive financing allowing customers to choose their preferred equipment brand.
2. Acquisition Financing: Business acquisition financing for laundromats, car washes, and other businesses. Customized approach considering cash flow, market conditions, lease agreements, and business history.
3. SBA 504 Loans: SBA 504 loans for commercial real estate purchase, new store development, renovation, and equipment. Up to 80-90% of car wash projects can be financed with SBA 504 loans.
4. New Store Financing: Financing for new laundromat, car wash, and other business development. Considers creditworthiness, cash investment, and site quality.
5. Refinancing: Refinancing solutions for existing small business loans and commercial mortgages to achieve lower monthly payments, debt consolidation, and competitive rates.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Eastern Funding is a specialty commercial lender providing equipment financing, acquisition financing, SBA 504 loans, new store financing, and refinancing to small and medium-sized businesses, primarily laundromats and car washes, across all 50 U.S. states. Loans start at $10,000 with terms from 12 to 120 months, and the company has financed more than $3 billion in projects since its 1997 founding. It operates as a division of Beacon Bank and combines direct sales relationships with online application and electronic document-signing tools.

Product overview

Eastern Funding LLC is a specialty finance lender offering a comprehensive suite of financing solutions for small and medium-sized businesses, primarily serving the laundry and car wash industries. The company's core offerings include Acquisition Financing for purchasing existing businesses, Equipment Financing starting at $10,000 with terms up to 120 months, SBA 504 Loan Services for real estate and long-term projects, New Store Financing for startup ventures, and Refinance options for existing loans. Supporting these core lending products are self-service digital tools including an Online Credit Application platform, Loan Calculator, and One-Time Payment Portal. The company operates as a division of Beacon Bank and has financed over $3 billion in projects since 1997, providing financing nationwide through all 50 states.

Differentiator

Problem solved

Functional benefit

Products and services

• Laundry Financing Comprehensive financing solutions for laundromat businesses, covering acquisitions, new store development, equipment purchases, and commercial real estate through SBA 504 loans. Targeted at vended laundry, multi-housing/route operators, on-premise laundry for hotels/healthcare/sports facilities, and industrial laundry service providers.
• Car Wash Financing Flexible financing options for car wash businesses covering acquisitions, new development, equipment upgrades, and commercial real estate with SBA 504 loans. Application-only financing available up to $250,000 for new equipment with fast credit decisions and terms up to 7 years.
• Acquisition Financing Business acquisition loans customized for laundry and car wash businesses, considering cash flow, market conditions, lease agreements, and business history rather than just credit scores.
• Equipment Financing Equipment loans starting at $10,000 with flexible terms from 12-120 months for commercial laundry, car wash, and other business equipment. Non-captive financing allowing customers to choose their preferred equipment brand.
• SBA 504 Loan Services U.S. Small Business Administration 504 loan program for real estate purchase, new store development, renovation, and equipment purchases with favorable terms up to 25 years. SBA 504 loans can finance up to 80-90% of car wash projects.
• New Store Financing Financing solutions for new laundromat, car wash, and other business startups, evaluating creditworthiness, cash investment, and site quality.
• Refinance Business loan and commercial mortgage refinancing services offering lower monthly payments, debt consolidation, competitive rates, and financing for business projects.
• XPRESS-APP Finance Program App-only financing program for new vended laundry equipment up to $500,000, with credit response in as little as 1 business day. Designed for speed and simplicity on qualifying transactions.

Quantifiable outcome

• Credit decision within 24 business hours for new vended laundry equipment transactions below $500,000
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core, flagship and minor.

• Equipment Distributors (Various)coreChannel Partner/ Reseller/ Distributor · 21 May 2025Eastern Funding has relationships with major equipment distributors nationwide. Works with distributors to ensure customers have seamless financing for equipment purchases. Brendan Ristaino was previously General Manager of a leading laundry equipment distributor in the Northeast.
• Coin Laundry Association (CLA)flagshipStrategic or Co-development PartnerStrategic Corporate Ally and title sponsor of Excellence in Laundry conferences. Eastern Funding has been a dedicated sponsor since 2012. Hosts CLA SCA Product Showcase webinars and provides CLA memberships to workshop attendees.
• LaundryCares FoundationcoreStrategic or Co-development PartnerEastern Funding Founder Michael Fanger joined the Board of LaundryCares Foundation. Company supports the foundation's mission to enhance communities through outreach, education, and service, including literacy programs in laundromats.
• U.S. Small Business Administration (SBA)coreStrategic or Co-development PartnerSBA 504 Loan Services provider. Eastern Funding helps guide customers through the SBA 504 financing process for commercial real estate and equipment purchases.
• Brendan Ristaino - Former Distributor ConnectionminorOthersBrendan Ristaino brings laundry industry connections from his previous role as General Manager of a leading laundry equipment distributor in the Northeast.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• TimePayment: Direct specialty equipment finance lender serving small businesses with leases and loans. Comparable ticket sizes, multi-vertical approach, and emphasis on speed and digital application flow.
• North Star Leasing: Equipment leasing company focused on small-ticket transactions for SMBs. Comparable in ticket size, customer profile, and emphasis on broker/distributor origination channels.
• Marlin Business Services (Marlin Capital Solutions): Specialty equipment finance lender focused on SMB equipment financing and leasing across verticals. Closely comparable business model (direct origination, small-ticket equipment loans, dedicated sales force) and overlapping customer profile with Eastern Funding.
• LEAF Commercial Capital: Specialty equipment finance and leasing provider focused on small and mid-sized businesses across verticals including restaurant, convenience, and retail — directly comparable to Eastern Funding's SMB equipment finance model.
• Ascentium Capital: Specialty equipment finance company providing loans and leases for commercial equipment across multiple verticals. Comparable in small-ticket origination, speed-of-decision underwriting, and multi-vertical SMB focus.
• Balboa Capital: Direct specialty finance company providing equipment leasing, working capital, and SBA loans to small businesses. Closely comparable business model and customer target with Eastern Funding.

Broad incumbents

• CIT Group (now part of First Citizens): Large diversified commercial bank with a substantial equipment finance division serving SMBs and middle market. Comparable equipment finance capabilities, but operates at much larger scale and across many verticals beyond laundry/car wash.
• Wells Fargo Equipment Finance: Diversified equipment finance arm of a national bank, offering loans and leases across commercial equipment categories. Overlaps with Eastern Funding on small business equipment financing but at vastly greater scale and breadth.
• Stearns Bank: Bank-owned equipment finance platform with a national SBA and equipment lending franchise. Comparable in SBA 504 participation and SMB equipment loan origination, but operates as a broader incumbent rather than a vertical specialist.

Emerging players

• Currency (currency.com / Headway Capital): Digital-first SMB working capital and equipment finance provider. Comparable in serving SMBs with equipment financing needs, but differentiates via a more technology-led origination model that Eastern Funding is now competing against.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/easternfunding
• YouTubeyoutube.com/@EasternFunding
• LinkedInlinkedin.com/company/eastern-funding-llc
• Instagraminstagram.com/eastern_funding

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eastern Funding LLC