Keene, NH: New Hampshire FastRoads, LLC, announced today that it has privately raised over $2.2 million to match the $5.5 million federal grant it received to build a fiber optic network in western New Hampshire.
New Hampshire FastRoads, an LLC of the Monadnock Economic Development Corporation in Keene, received a federal stimulus grant from the National Telecommunications & Information Administration (NTIA) Broadband Technology Opportunity Program to build out the network to unserved and underserved communities in western New Hampshire. The initial phases of this project will link fiber optic cable from Orford to Rindge, connecting 220 community institutions (such as schools, hospitals, and municipal buildings) in the towns and cities along its path as well as 1,300 residences and businesses in designated underserved areas of Rindge and Enfield.
On Friday, July 6, 2012, NH FastRoads closed on a $1.25 million loan from a partnership of seven community banks, as well as a $125,000 loan from the Grafton County Economic Development Council and a $200,000 loan from the NH Business Finance Authority that was approved by the Governor and Executive Council. Combined with previously-raised funds, NH FastRoads has successfully financed the 30% match ($2,276,900) required by the federal grant.
"The financial support we received from the regional banks and economic development councils, as well as from the Business Finance Authority and Community Development Finance Authority, is testament to the critical need for robust broadband for business growth in rural New Hampshire," said Julia Griffin, Chair of NH FastRoads and Town Manager of Hanover. "With match funding in place, FastRoads can move forward with its plans to extend this critical infrastructure into western and southwestern New Hampshire, which was the purpose of the federal broadband stimulus program."
New Hampshire FastRoads is part of Network New Hampshire Now, a consortium of public institutions led by the University of New Hampshire that received a combined $44.5 million NTIA grant to bring internet connectivity to all ten counties in New Hampshire. NH FastRoads is the only project with “last mile” connections of fiber directly to the premises of residences and businesses. Fiber optic technology offers unsurpassed speed and quality of service with the ability to deliver internet broadband, clear voice over IP telephone service, video conferencing and high definition digital programming.
|FastRoads Press Release Match Funds 7-12-12 FINAL.pdf||123.65 KB|