Elliot was the youngest of four sons of Jacob Finkelstein. Jacob was the founder of Jacob Finkelstein & Sons, a Woonsocket based manufacturer of men's sportswear, outerwear, rain-wear and award jackets. Elliot was the only one of Jacob's children to graduate from college. He earned a B.A. in chemistry from City College of New York in 1931. Foregoing a career in research chemistry Elliot instead joined his three older brothers, Noah, Robert and Harold working in the family business.
By 1937, after the company had moved to Singleton Street, Elliot was in charge of Finkelstein's entire garment manufacturing process. Leaving Sales, purchasing and HR affairs to his older brothers Elliot focused his full attention on pattern design, technical matter, cloth controls research & development and innovation.
Upon America's entry into WWII, Elliot and his brothers made the decision to switch the plant completely over to the production of war materials for American troops. The plant provided trench and rain coats as well as field jackets for the troops worldwide. For its war time contribution, Jacob Finkelstein & Sons earned 5 Army/Navy E Awards for Excellence. The company continued to grow rapidly after WWII and by 1955 was ranked as America's 7th largest outerwear manufacturer. At its peak, the Singleton plant employed over 600 people.