Cambridge Savings Bank Supports the Expansion of Tropical Products with a New Market Tax Credit and Loans Totaling $16 Million

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Nov 10, 2022--

Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and $6 billion in assets, today announced that it has provided $16 million in funding to support the expansion of Tropical Products, a private label manufacturer of personal, pet, and home care products. Based in Salem, Mass., the company manages the development of products for a variety of consumer brands that are sold by Walmart, Target, PetSmart, Petco, Amazon, and many other retailers.

Following the pandemic, Tropical Products experienced an increase in demand for local manufacturing services due to rising freight costs and associated supply chain disruption. As a result, the company was seeking a financial institution to help facilitate the acquisition of land in Salem and the construction of a nearly 100,000 square foot manufacturing and warehousing facility.

“We are extremely appreciative of the investment that Cambridge Savings Bank is making in our business and in the City of Salem,” said Edward Berman,Owner of Tropical Products. “With the high amount of uncertainty due to inflation and major fluctuations in the market right now, it would have been impossible to undertake this expansion without CSB providing us with a form of long-term and low-cost capital unavailable elsewhere in the market. Thanks to CSB’s investment, we will be able to grow Tropical Products, Inc. exponentially and create more jobs in our home of Salem.”