JPMorgan backs U.S. shipbuilding with $24M to revive Philadelphia submarine plant
Jamie Dimon announced a $24 million package ($18 million in loans and $6 million in grants) to revive American shipbuilding, financing a new submarine manufacturing facility at the Philadelphia Navy Yard built by Rhoads Industries and expanding lending to maritime small businesses and regional suppliers as part of JPMorgan's $1.5 trillion effort to bolster industries key to U.S. economic and national security, a move Dimon called the 'arsenal of democracy' reignited amid rising global tensions.
