Blog

Latest Posts from Eastern Funding

A former auditor finds her true passion in the laundry industry

From behind the desk to running laundromats

Over 2 decades ago, Phebean Oyefusi was an auditor working in her office while worrying about who would watch her children while she worked. The untenable scenario of being a busy working parent without a child care solution came to a head. So she and her husband decided it was time to find a business to operate that would generate income, allow time to attend to the children’s busy schedules and increase their overall quality of life. As an auditor looking at many different types of business, laundromats were attractive because of their model. That was the impetus for Phebean opening their first small laundromat in Maryland.

She needed financing and was told to “Call Eastern Funding”

Fast forward to today, Phebean and Ola are the owners of 3 laundromats including the Brite N Clean store in Hyattsville, Maryland. Outfitted to present the best experience for customers, the laundromat has over 190 machines, card payment technology, homework station, plenty of parking and other conveniences. However, the store almost did not get built. Phebean was working with a local bank and her representative there left the firm. With only 2 months to complete the deal and with financing not yet in hand, Phebean faced the prospect of a stalled or canceled project. Needing help, she asked a distributor for advice. “Call Eastern Funding” was the response she received. With time being of the utmost importance and deadlines coming up fast, Michael Fanger and Eastern Funding were able to help Phebean obtain financing to see her project to the end.

 Eastern Funding Customer Success Story

 buy a laundromat. get financing

Get A Free Acquisition Checklist