TIVERTON — A young spray foam insulation firm that got its start on the eve of the recession has found a new home for its growing business in Tiverton.
The story of Ecologic Spray Foam Insulation is being touted by the South Eastern Economic Development Corporation (SEED) as the sort of success that can be accomplished with assistance from SEED’s loan programs for small businesses.
Co-owners John Peters and Tom Kelly started their foam insulation business in 2007, with the help of Coastway Community Bank through an $80,000 SBA loan and a $15,000 micro loan from SEED. This financing package allowed the small business to lease shared warehouse space in North Kingstown and begin operations.
As their firm grew over its first five years, Mr. Peters and Mr. Kelly made the decision to expand. To that end, in 2012, again with the help of Coastway Community Bank and SEED, they bought a mixed-use property and relocated their business to 11 Hurst Lane in Tiverton. This acquisition allows ESFI to operate more efficiently and be their own landlord.
The company’s focus is to improve the thermal efficiency of new and existing residential and commercial buildings by installing Spray Polyurethane Foam (SPF) insulation and fiberglass insulation, and spray fire suppressant coatings. They also offers thermal energy efficiency consultations. Their coverage area includes Rhode Island, Massachusetts and Connecticut.
ESFI has been featured in national trade magazines (Spray Foam Magazine), and construction-related television programs (A&E’s Flipping Boston). It was also was the recipient of SEED Corporation’s ’2010 Start-Up Business of the Year’ award.
Mr. Peters is an active duty military veteran, serving in Operation Iraqi Freedom and Operation Enduring Freedom. He graduated from Embry Riddle Aeronautical University with a B.S. in aeronautics and went on to earn a M.B.A. with a concentration in environmental management from Salve Regina University. Prior to starting ESFI, he worked as a product manager and applications engineer for a Providence-based manufacturing company. He lives in Bristol with his wife Alicia and dog Eli.
After graduating magna *** laude from the University of Rhode Island with a B.S. in accounting, Mr. Kelly worked for a Fortune 100 company handling financial and operational control procedures. During his accounting career, he successfully completed all four parts of the Uniform CPA Examination. He lives in Portsmouth, RI with his wife Erin, son Shea and dog Mason.