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USDA invested $550 million in the second round of financing to establish the rural broadband for Reconnect Program. The deadline for submitting the application is marked as March 16th, 2020
Fremont, CA: USDA announced that it would begin to accept the applications for the second round of the rural broadband funding for the Reconnect Program since January 31st, 2020. A total sum of $550 million will be made available, and the last day for applying will be March 16th, 2020.
USDA Reconnect Second Round:
The plan for the second round of financing is similar to that of the first round of funding. In the first round, USDA had set a budget of $600 million; one-third of it was rewarded. The rewards were in the form of grants, low-interest loans, and a combination of 50 percent loan and 50 percent grant.
The second round will use a similar type of funding method. However, the budget for each of the funding method will be up to $200 million. In the first round of financing, the target area for funding had no sign of broadband. The entire fundraised was deployed on infrastructure capable of supporting the speed up to 25/3 MBPS, to the unnerved locations. However, the second round of funding is wholly focused on developing rural broadband for the Reconnect program.
The second round of funding for the Reconnect Program is mainly focused on opening a wide range of network operators, which will include a corporation, non-profit entities, state and local government, corporative, and others. However, the funds raised in the first round were invested in small rural telcos, rural electric Corp., and others.
For the second round, the maximum loan will be $50 million, and the minimum loan granted can be $25 million. The ones who are seeking a combination of grants and credits will be granted the utmost amount of $50 million. USDA also announced that the fund winning organizations must complete the entire project by the end of the fifth year.
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