JPMorganChase has committed $24 million in loans, investments and grants to support shipbuilding, maritime manufacturing, workforce training and local suppliers in Philadelphia.
Announced on 15 July 2026, the funding package includes $18 million in loans and investments and $6 million in philanthropic grants. It will support a submarine manufacturing facility at the Philadelphia Navy Yard, skills programmes, small business financing and regional industry coordination.
A $13 million New Markets Tax Credit equity investment in Rhoads Industries is part of a $40 million NMTC transaction. The investment will support construction of a 95,000-square-foot high-bay submarine manufacturing and assembly facility.
The facility is expected to create 450 permanent jobs. It will also expand training and apprenticeship opportunities for potentially thousands of workers, including welders, electricians and personnel in other shipbuilding roles at the Navy Yard.
PIDC Community Capital will receive a $5 million long-term, low-cost loan to expand financing for small businesses. The lending products will cover commercial real estate acquisition and construction, leasehold improvements and working capital.
The funding is expected to support up to 15 loans and create or retain more than 200 jobs.
A $1.5 million grant to PIDC Community Capital, working with the Delaware Valley Industrial Resource Center, will support as many as 100 commercial maritime suppliers serving the Philadelphia Navy Yard.
Up to 30 suppliers will receive structured assessments, remote diagnostics and on-site operational reviews. The assistance will cover efficiency, quality controls, plant organisation and digital maturity while helping identify priority workforce needs.
The Greater Philadelphia Growth Partnership will receive a $2.4 million grant to strengthen coordination among employers, training providers and community organisations.
A further $2 million grant will go to The Skills Initiative at University City District. The programme will expand non-degree routes into higher-wage shipbuilding and advanced manufacturing positions and is expected to provide skills training for nearly 300 local people.
The funding combines two JPMorganChase programmes: the American Dream Initiative and the Security and Resiliency Initiative. The latter is a $1.5 trillion, 10-year plan covering industries linked to US economic and national security, including shipbuilding.
The Philadelphia Navy Yard supports 16,000 jobs across maritime industries, advanced manufacturing and life sciences. The new funding will support workforce pathways, supplier readiness, small business participation and coordination among regional organisations.
