CoBank Joins Frontier Communications and DISH As Major Sponsor Of "America's Best Communities" Campaign
Program Will Provide $10 Million To Promote Economic Development In Rural And Small Communities
DENVER, Oct. 30, 2014 /PRNewswire/ -- CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, announced today that it has joined with Frontier Communications and DISH as a major sponsor of "America's Best Communities," a three-year, $10 million prize competition designed to stimulate growth and revitalization in small cities and towns throughout rural America.
Conceived by Frontier, one of CoBank's largest rural communications customers, the America's Best Communities (ABC) contest incents participants to put together long-term economic development proposals that promise to grow and sustain their local economies. The contest will provide $4 million in seed money and other support to assist participating communities as they draw up revitalization plans. Ultimately, three contestant communities will receive a total of $6 million in prize money to implement winning proposals when the contest concludes in 2017.
"We're extremely pleased to be joining with Frontier and DISH as a sponsor of this highly innovative campaign," said Robert B. Engel, CoBank's chief executive officer. "Rural community development is the central focus of CoBank's corporate social responsibility program, and closely aligned with our broader mission to serve rural America. We look forward to seeing proposals generated by the ABC contest, and the tangible benefits it will deliver to all communities who decide to participate."
"We're delighted to welcome CoBank as a partner in this important initiative to help revitalize small towns and cities in rural America," said Maggie Wilderotter, Chairman and CEO of Frontier Communications. "We want this contest to challenge and incent local leaders to come up with new ideas that will transform their cities and towns through economic development and lifestyle improvements. The people of rural America are its greatest asset, and we hope this competition brings communities together, sparks innovation and creates long-lasting, positive impact."
The multi-stage ABC contest is open to municipalities with populations of between 9,500 and 80,000 people across Frontier's 27-state service territory. Those with populations under 9,500 are encouraged to join forces and collaborate with adjacent communities to become eligible.
To qualify, communities must submit economic development proposals in early 2015. Over the course of 2015 and 2016, the pool of contestant communities will gradually be narrowed in stages, and successful contestants will receive stipends to further develop and refine their plans. Ultimately, three communities will be selected as winners of the campaign and receive cash prizes of $3 million (first place), $2 million (second place) and $1 million (third place), which will be used to implement their ideas.
"We applaud Frontier Communications and DISH for making such a significant investment in the health of rural America, and we're so proud to be joining them in this effort," Engel said. "Portions of the U.S. rural economy, particularly agriculture and energy, have been sources of real strength in the broader economy in recent years. But rural communities also face significant challenges, and this program affords us an opportunity to address those and promote rural economic development in a meaningful way."
More detailed information regarding the America's Best Communities contest can be found at www.americasbestcommunities.com.
About CoBank
CoBank is a $101 billion cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving farmers, ranchers and other rural borrowers in 23 states around the country.
CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture and the nation's rural economy. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.
For more information about CoBank, visit the bank's web site at www.cobank.com.
About Frontier Communications
Frontier Communications Corporation offers broadband, voice, satellite video, wireless Internet data access, data security solutions, bundled offerings, specialized bundles for residential customers, small businesses and home offices, and advanced communications for medium and large businesses in 27 states. Frontier's approximately 13,900 employees are based entirely in the United States. More information is available at www.frontier.com.
About DISH
DISH Network Corp., through its subsidiaries, provides approximately 14.053 million pay-TV subscribers, as of June 30, 2014, with the highest quality programming and technology with the most choices at the best value. Subscribers enjoy a high-definition lineup with more than 200 national HD channels, the most international channels, and award-winning HD and DVR technology. DISH Network Corp. is a Fortune 250 company. Visit www.dish.com.
SOURCE CoBank
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