The Avery Companies to Offer Financing and Letters of Credit to Rural Broadband Providers Receiving Federal and State Subsidies

News provided by

Oct 04, 2023, 17:58 ET

BIRMINGHAM, Mich., Oct. 4, 2023 /PRNewswire/ -- The Avery Companies, a privately-held investment holding company, are pleased to announce a new initiative aimed at supporting broadband providers that operate in rural and underserved areas. Recognizing the importance of equal access to digital services and high-speed internet, The Avery Companies are committed to empowering providers with the necessary financial resources to expand and enhance broadband services in these regions.

Benjamin A. Friedman, Managing Partner of The Avery Companies, "We believe that access to reliable, high-speed internet is a fundamental right. Through this initiative, we aim to bridge the digital divide by supporting broadband providers in reaching more remote and underserved communities."

Program Overview

The Avery Companies will provide tailored financing solutions and letters of credit designed to meet the unique needs and challenges faced by rural broadband providers that receive Federal or State subsidies. These services aim to facilitate infrastructure development, improve service quality, and accelerate the expansion of broadband access to remote areas, fostering social inclusion and economic development.

LOC – Letter of Credit for Broadband Equity, Access, and Deployment Program (BEAD)

25% Rule – To meet requirements of 25% matching funds as required by the National Telecommunications and Information Administration (NTIA) in the Notice of Funding Opportunity

Application and Eligibility
Broadband providers operating in rural areas are encouraged to apply. Applicants should demonstrate a commitment to delivering high-quality, reliable services to rural communities. Detailed information on eligibility criteria, application processes, and program benefits can be accessed upon request.

About The Avery Companies
The Avery Companies are a diversified privately-held investment holding company deploying long-term capital to transformative enterprises. We seek strategic investment opportunities and work to generate significant growth over time through value added capital and advisory services. The Avery Companies are focused on sustainable development and financial inclusion, striving to empower communities and drive economic growth.

Contact Information
For more information on this initiative or to schedule an interview, please contact: [email protected]

SOURCE The Avery Companies