U.S. Department of Commerce Invests $2.8 Million in American Rescue Plan Funds to Expand High-Speed Internet Service in Yadkinville, North Carolina
WASHINGTON – Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $2.8 million grant to the Yadkin Valley Telephone Membership Corporation, Yadkinville, North Carolina, to construct a fiber optic network to enhance business connectivity. This grant is funded by the American Rescue Plan.
This grant will provide high-speed internet access to local businesses and industries that were economically impacted by the coronavirus pandemic. The EDA investment will be matched with $703,700 in local funds and is expected to create or retain more than 30 jobs and generate $160,000 in private investment, according to grantee estimates.
Earlier this month, Secretary Raimondo joined North Carolina Governor Roy Cooper in Durham, North Carolina, to announce the launch of the Internet for All initiative, which includes an investment of $45 billion to provide affordable, reliable, high-speed internet for everyone in America. The initiative, which is administered by the Department’s National Telecommunications and Information Administration (NTIA), will build internet infrastructure, teach digital skills, and provide necessary technology to ensure that everyone in America has the access and skills they need to fully participate in today’s society.
“The coronavirus pandemic shined a bright light on the need for reliable high-speed internet. President Biden is committed to ensuring that all Americans have the tools they need to succeed in our increasingly digital economy,” said Secretary of Commerce Gina M. Raimondo. “This EDA investment will serve as a down-payment for the further broadband investments coming from President Biden’s Bipartisan Infrastructure Law by providing critical high-speed internet service to the Yadkinville business community.”
“The Economic Development Administration is pleased to support locally-driven strategies to boost business recovery efforts in North Carolina,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This project will help to ensure a bright future for Yadkinville by providing the reliable, high-speed internet the city’s business district needs to grow, thrive and create new jobs.”
“Every North Carolinian deserves access to high-speed internet to succeed in today’s digital age no matter where they live in our state,” said Governor Roy Cooper. “This funding will provide critical support to strengthen broadband infrastructure and economic opportunity in Yadkinville.”
This project was made possible by the regional planning efforts led by the Piedmont Triad Regional Development Corporation (PTRDC). EDA funds PTRDC to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.
This project is funded under EDA’s American Rescue Plan Economic Adjustment Assistance program, which makes $500 million in Economic Adjustment Assistance grants available to American communities. The Economic Adjustment Assistance program is EDA’s most flexible program, and grants made under this program will help hundreds of communities across the nation plan, build, innovate, and put people back to work through construction or non-construction projects designed to meet local needs.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.