JPMorgan Chase & CoJPMorgan announces $24M effort to boost shipbuilding, part of its $1.5T security project, enhancing its role in national security lending.
JPMorgan Chase CEO Jamie Dimon announced a $24 million effort to help revive American shipbuilding, part of the bank's $1.5 trillion security project aimed at bolstering industries critical to U.S. economic and national security. The figure includes $18 million in loans and $6 million in grants to finance a new submarine manufacturing facility at the Philadelphia Navy Yard being built by Rhoads Industries, expand lending to maritime-related small businesses, and strengthen regional suppliers. Dimon said the arsenal of democracy has been reignited, citing Hanwha shipbuilding at the Philadelphia Navy Yard. The announcement comes as rising geopolitical tensions spur governments to rearm and reinvest in domestic industrial capacity.
JPMorgan Chase & CoJPMorgan announces $24M effort to boost shipbuilding, part of its $1.5T security project, enhancing its role in national security lending.
HanwhaHanwha shipbuilding is cited as an example of revived shipbuilding at Philadelphia Navy Yard, implying potential business.
Rhoads Industries receives $18M in loans and $6M in grants to build a new submarine manufacturing facility.