JPMorgan Chase Directs $24 Million To Philadelphia Shipbuilding Jobs
Eighteen million dollars in loans and six million in grants target Rhoads Industries, whose submarine plant expansion promises 450 new jobs.
- Rhoads Industries gets a $13 million equity stake for submarine plant expansion, adding 450 jobs.
- Six million dollars in grants fund worker training and up to 100 maritime suppliers.
- Fewer than 190 US flagged merchant vessels remain, down from nearly 3,000 in the 1960s.
Why it matters: Twenty four million dollars is a rounding error next to the 250,000 shipyard workers the country still needs.