Overview
- JPMorgan announced Wednesday it will provide $18 million in commercial financing and $6 million in philanthropic grants under its $1.5 trillion, 10‑year Security and Resiliency Initiative to support shipbuilding in Philadelphia.
- The bank is supplying $13 million in New Markets Tax Credit equity for Rhoads Industries’ 95,000‑square‑foot submarine manufacturing and assembly facility, which is under construction, expected to open next year and is projected to create about 450 permanent jobs.
- Federal and industry officials confirmed new government demand that backs the deal, including roughly $1.5 billion in MARAD ship orders and about $2.5 billion in submarine‑related work over 10 years to be shared by General Dynamics and Rhoads Industries.
- The package also expands local credit and training: a $5 million low‑cost loan to PIDC Community Capital to support maritime small businesses, grants to fund non‑degree training for roughly 300 workers, and technical‑assistance funds for up to 100 suppliers.
- The plan responds to a long decline in U.S. shipbuilding capacity — the country now makes under 1% of new commercial ships and has fewer than 190 U.S.‑flagged merchant vessels — but challenges remain such as higher U.S. costs, permitting and the need for sustained order flow to reach scale.