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Benzinga
Benzinga
Business
Namrata Sen

Jamie Dimon Backs Philadelphia Navy Yard With $24 Million as US Defense Spending Surges, Says 'The Arsenal of Democracy Has Been Reignited'

Jamie Dimon Navy United States Donald Trump JPM Defense Spending Democracy Philadelphia JPMorgan Chase NYSE
Jamie,Dimon,Speaks,During,Ceremony,For,Final,Steel,Beam,Wrapped

Jamie Dimon, CEO of JPMorgan Chase & Co. (NYSE:JPM), 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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