Millennium Infrastructure Fund Raising Cap from $30M to $75M to Meet Additional Demands on Broadband Construction

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Oct 05, 2022, 08:56 ET

Fulfilling Need For Small Broadband Business Construction Funding

DELAVAN, Wis., Oct. 5, 2022 /PRNewswire/ -- Facilitating broadband deployment in areas of rural America has ignited grant funding options for broadband construction businesses. The Millennium Infrastructure Fund is raising its cap on the fund from $30M to $75M to meet the additional demands of construction loans and capital matches for providers to secure grants.

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

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

Typical loan amounts range from $1M to $5M and are being used for construction financing and capital matches required for NTIA and other grant programs.

With increased demand, Millennium saw the need to increase the cap on the fund, specifically created to support the financial needs of local and regional service providers in rural areas of the US.

"Building broadband to rural communities is about creating opportunities that many metro areas have had for years," says James Kyle, CEO and Founder of Millennium, "Healthcare, education, human connection, and a virtual environment are all necessary tools to support the community today, and the leaders and visionaries of tomorrow."

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

Millennium and Widelity will be co-hosting a webinar on October 12, 2022 at 3 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 funding options for businesses looking to expand their rural fiber build base.

About Millennium

Millennium is a privately held organization headquartered in Delavan, WI. Founded in 2004, Millennium has redefined the broadband industry by helping local and regional clients be first-to-market by providing enhanced design, financial guidance and loans, rental equipment, and material management. Millennium employs almost 200 people in 17 dedicated locations across America and serves clients across 90% of the continental US.

Millennium has achieved the MMAC Future 50 3-time Metal, is a seven time 'Fastest Growing Business' Award winner by Inc. 5000 Magazine, and continues to hit the Entrepreneur 360 list. CEO and Founder, James Kyle, was named a 'Rural Broadband Champion' by Inc. 5000 Magazine in 2022 and won the Ernst & Young 2022 Midwest 'Entrepreneur of the Year' Award.

About Widelity

Founded in 2006 in Fairfax, VA, Widelity is a technology consulting firm that specializes in telecommunications compliance, funding, 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 complying with, Federal and State Grant opportunities. We accurately and efficiently help clients work through the documentation, submissions, certifications, monitoring, reporting, and compliance that is vital to successful government funding.

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

Media Contact:

Brynn Kanikula
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[email protected]

SOURCE Millennium