JPMorgan Chase Commits $24 Million to Boost Shipbuilding and Submarine Supply Chain in Philadelphia

JPMorgan Chase is investing $24 million to help strengthen the U.S. shipbuilding industry, including support for submarine manufacturing and maritime suppliers, as part of a broader effort to finance industries the bank considers critical to America’s economic and national security, CEO Jamie Dimon said.

The funding package includes $18 million in loans and investments and $6 million in grants. According to CNBC, the money will help finance a new submarine manufacturing facility at the Philadelphia Navy Yard being developed by Rhoads Industries, expand lending to maritime-related small businesses, and strengthen regional supply chains.

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