EMC FinTech Receives $65,000 To Assist In Growth
Another Chautauqua County business has the opportunity to grow. Wednesday, County Executive Greg Edwards and staff from the Chautauqua County Industrial Development Agency met with Eric Corey and the employees of his business, EMC FinTech. During the meeting, Corey was presented with a check for $65,000 from the Chautauqua County Revolving Loan Fund to assist in expansion of his company.
“EMC’s strength is the expertise of its principal, Eric Corey, and others in the group, who bring years of experience in this industry, covering sales, design, and build functions,” Edwards said. “They are respected as high-quality specialists, providing an important competitive advantage for their customers.”
EMC FinTech provides tooling for the heating and cooling industry. The company designs, builds and supplies machines and tooling that produce custom specialty parts for this industry. The industry is responsible for all radiator, condensers, oil coolers, heater cores and other items related to heating and cooling applications. EMC FinTech’s major product is roll die tooling, which is used to create fins for radiators.
Corey explained that, instead of finishing schooling, he went to work for the former Ecko Tool and Die, which eventually closed its doors. After doing some other work, Corey, together with a private investor, bought many pieces of equipment that were being sold at auction. Then, Corey sought help from the CCIDA to open his business.
“Probably, if it wasn’t for them, we wouldn’t be where we are at,” Corey said. “We went from having a couple of guys kind of doing this on the side to having 11 total people working here.”
EMC FinTech currently has nine full-time employees and several part-time employees, for a total of 11 full-time equivalent employees.
“This is really what economic development is all about,” Edwards said. “It’s finding local people who are bright, they have a specific skill, they want to step out of the confines of someone else’s business and start their own.”
Edwards continued to say that Corey and the CCIDA worked together at a critical point to get to where they are now.
“Eric had the experience and the training, kind of that nucleus, but it’s awful hard to go from that nucleus to the situation that you see here, where you’ve got a significant number of employees, advancing your product line, growing a new market, that’s a huge step,” he said. “Unless you’re fortunate enough to have a friend or a relative or somebody who has the bankroll to do it, you have to find other sources. So many people labor in that ‘Never Neverland’ of ‘I’m really talented, I’ve got a great idea.'”
The money received by EMC FinTech will be used for renovations to the building to enhance the flow of work, creating a better work environment for its employees to allow them to efficiently produce product and upgrade distribution to its customers. Renovations will include energy efficient lighting, roof repair, parking lot repair, office and employee break rooms and a conference room. Also included in the project are equipment purchases totaling $22,240.