SBA honors ECO-Foam Insulators president as Young Entrepreneur of the Year

OSWEGO — The Syracuse district office of the U.S. Small Business Administration (SBA) last month honored Matthew Magrisi, president of ECO-Foam Insulators, Inc. of Oswego, as its 2015 Young Entrepreneur of the Year Award. 

The Oswego Small Business Development Center (SBDC) nominated Magrisi for the honor. The SBA chose him for the award based on his company’s “increase in sales and profits and his demonstrated long-term potential as a successful business owner,” according to a news release.

Magrisi received his award at the SBA Syracuse district office’s annual awards luncheon on May 11 at the DoubleTree by Hilton Hotel in DeWitt, near Carrier Circle.

About ECO-Foam Insulators

Magrisi and his wife Stephanie in 2012 began ECO-Foam Insulators, after they graduated from the Oswego SBDC’s small-business training class. 

The company seeks to “help home and business owners conserve energy,” according to the SBA news release.

With continued counseling from SBDC senior business advisor John Halleron, the 27-year-old Magrisi accessed funding from a local development agency to purchase equipment and obtained a line of credit for cash-flow management, the SBA said. It didn’t name the development agency.

Besides “environmentally friendly” insulation products, ECO-Foam also offers energy-efficient windows, doors, and construction materials.

In its fourth year in business, ECO-Foam employs a “factory-trained” staff with two full-time and two part-time employees. 

Before starting ECO-Foam, Magrisi worked as an estimator with a construction business. He also operated his own lawn-care business after high school, the SBA said.