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Jamie Dimon, CEO of JPMorgan Chase & Co., has announced a $24 million initiative aimed at rejuvenating the American shipbuilding industry.
Dimon's latest initiative is targeted at bolstering industries that are key to the U.S. economy and national security. The $24 million package includes $18 million in loans and $6 million in grants. The funding will support Rhoads Industries' construction of a new submarine manufacturing facility at the Philadelphia Navy Yard, expand lending to maritime-related small businesses, and strengthen the region's supply chain.
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Marking the announcement, Dimon told CNBC, "The arsenal of democracy has been reignited." He also highlighted the participation of Hanwha Group, a South Korean conglomerate with a U.S. vessel-making subsidiary, in the shipbuilding operations at the Philadelphia Navy Yard.
"People said it couldn't happen, but here you have Hanwha shipbuilding at the Philadelphia Navy Yard," Dimon said.
This move by JPMorgan Chase is a continuation of its $1.5 trillion 10-year Security and Resiliency Initiative, introduced in 2025, aimed at supporting U.S. efforts to modernize infrastructure and strengthen supply chains. This initiative involved direct equity and venture capital investments of up to $10 billion to assist selected U.S. companies in expanding, innovating, and accelerating their strategic manufacturing.
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On Wednesday, President Donald Trump announced nearly $10 billion in new defense investments in Pennsylvania at Sen. Dave McCormick's (R-Pa.) Defense and Innovation Summit, saying the projects will create more than 4,000 jobs. The investments include a $2.5 billion agreement between Rhoades Industries and General Dynamics to support Navy submarine construction and $1.5 billion in new National Security Multi-Mission Vessel ship orders.
The announcement comes amid rising geopolitical tensions, with conflicts in the Middle East and Ukraine driving governments to boost defense spending and strengthen domestic manufacturing.
Trump added that defense spending in Pennsylvania has risen 20-25% since he returned to office and is expected to reach $19-$20 billion with the latest investments.
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