A $2.8 million federal grant has been awarded to Yadkin Valley Telephone Membership Corp. for the construction of a fiber optic network designed to provide high-speed internet to local businesses affected by the COVID-19 pandemic.
The funding came from the federal American Rescue Plan and was provided by the Economic Development Administration of the U.S. Commerce Department.
The federal funding is accompanied by a $703,700 local commitment.
The project is projected to create or retain more than 30 jobs and generate $160,000 in private investment.
The Yadkinville telecommunications company is a participant in the national Internet for All initiative, which includes an investment of $45 billion “to provide affordable, reliable, high-speed internet for everyone in America,” according to a Commerce statement.
“This EDA investment will serve as a down payment for the further broadband investments coming from President Biden’s bipartisan infrastructure law,” U.S. Commerce Gina Raimondo said in a statement.
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Gov. Roy Cooper said the grant will “provide critical support to strengthen broadband infrastructure and economic opportunity in Yadkinville.”
The Piedmont Triad Regional Development Corp. recommended the Yadkinville telecom for the grant.
The nonprofit’s mission is “bringing together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.”