JPMorgan Chase has announced a $24 million investment package to strengthen U.S. shipbuilding and the submarine supply chain in Philadelphia. The funding includes loans, investments, and grants to expand manufacturing capacity, support workforce development, and help small maritime suppliers meet growing demand within the nation’s defense industrial base.

The investment will help finance a new submarine manufacturing facility expected to create hundreds of jobs while expanding apprenticeship and technical training opportunities for skilled trades such as welders and electricians. The initiative is part of JPMorgan Chase’s broader strategy to strengthen industries considered critical to U.S. economic and national security.