Millennium Infrastructure Fund raises cap from $30 million to $75 million to meet additional broadband build demands

Meeting the need for financing for building small broadband businesses

DELAVAN, Wis., October 5, 2022 /PRNewswire/ — Facilitating broadband deployment in rural America has triggered grant funding options for broadband construction companies. The Millennium Infrastructure Fund raises the cap on the $30 million at $75 million to meet additional demands for construction loans and capital matching for suppliers to obtain subsidies.

Previously, the fund had committed $30 million to 15 grant recipients in 12 states, connecting more than 90,000 new homes and towers to fiber. New $75 million The funding cap will allow businesses to reach an additional 300,000 households over the next three years, creating opportunities for approximately 1,000,000 Americans in rural communities.

As the FCC compiles more accurate census maps, the need for broadband construction in rural areas continues to grow. RDOF, NTIA, BEAD, and several other grant programs help fund these long-term projects, but not many funding vehicles exist for small businesses to fund the initial design and construction of these networks. The Millennium Infrastructure Fund increased the cap to meet the needs of these businesses based on financing options.

Typical loan amounts range from $1 million at $5 million and are used for construction funding and matching capital required for NTIA and other grant programs.

With increased demand, Millennium saw the need to increase the fund’s cap, specifically created to meet the financial needs of local and regional service providers in rural areas of the United States.

“Building broadband in rural communities is about creating opportunities that many metropolitan areas have had for years,” says James KyleCEO and Founder of Millennium, “Health, education, human connection and a virtual environment are all necessary tools to support today’s community, and tomorrow’s leaders and visionaries.”

Through a partnership with Widelity, Millennium helps local and regional network owners apply for grants available in their area, providing bridge funding to build the network and ensuring long-term compliance, making future audits manageable. .

Millennium and Widelity will co-host a webinar on October 12, 2022 at 3:00 p.m. CST to walk through building an ISP business with Jared Mauch, owner of Washtenaw Fiber Properties, LLC – who built a successful ISP from the ground up. Millennium and Widelity will be available to discuss new and existing financing options for companies looking to expand their rural fiber build base.

About Millennium

Millennium is a private organization headquartered in Delavan, WI. Founded in 2004, Millennium has redefined the broadband industry by helping local and regional customers be first to market by providing improved design, financial advice and loans, rental equipment and hardware management. Millennium employs nearly 200 people in 17 dedicated locations across the Americas and serves customers in 90% of the continental United States.

Millennium has reached the MMAC Future 50 3 times Metal, won Inc. magazine’s “Fastest Growing Business” 5000 award seven times, and continues to be on the Entrepreneur 360 list. CEO and Founder, James Kylewas named Inc. 5000 magazine’s “Rural Broadband Champion” in 2022 and won Ernst & Young’s 2022 “Entrepreneur of the Year” award in the Midwest.

About largesse

Founded in 2006 in Fairfax, VirginiaWidelity is a technology advisory firm specializing in telecommunications compliance, financing and regulatory work for clients.

Widelity helps clients navigate the complex web of policies, rules, standards, and laws that are often costly and frustrating to navigate when applying for and fulfilling federal and state grant opportunities. We help clients accurately and efficiently navigate the documentation, submissions, certifications, monitoring, reporting, and compliance that are critical to government funding success.

Utilizing a large and experienced staff, Widelity brings years of expertise to the process of agency requirements, grant applications, and post-award reporting and support requirements.

Media Contact:

Brynn Kanikula
[email protected]

SOURCE Millennium

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