Wilke/RiverStreet, a fibre internet provider, has received loans to finance high-speed fibre network development projects in rural areas of the country.
Here are the details of the news.
Wilkes/RiverStreet Scores Big Loan For Fiber Broadband Projects
RiverStreet Networks, a fibre, telecommunications, and internet service provider owned by Wilkes Communications, has been granted a huge loan amount to execute its fibre broadband projects in two states.
The company has received a $191.1 million loan from CoBank to refinance USDA Rural Utilities Service financing and deploy fibre broadband networks in rural North Carolina and Virginia areas.
In an announcement, Eric S. Cramer, president and CEO of Wilkes/RiverStreet, said, “Our mission has always been to connect communities and empower individuals through cutting-edge telecommunications solutions.”
“With this substantial financial backing, we are ready to break down barriers and bring the digital future within reach for even the most remote regions of North Carolina and Virginia.”
The company informed that the total project cost will be around $330 million, with 82% of total costs funded by many federal, state, or local grants, and the $100 million from the CoBank loan will be used to execute the project.
It also said that $30 million out of the allotted fund for the project has already been spent.
The new fibre broadband project will connect 25% of Wilkes/RiverStreet customers to fibre internet. It will include fibre construction in 17 counties in Virginia and 68,000 grant-funded localities.
In a separate announcement, Wilke/RiverStreet also informed that it has completed fibre construction in King and Queen County, connecting 4,236 locations in Virginia.
The company has made an agreement with the county to share profit from the network based on a revenue percentage incurred after the profit reaches a certain threshold.
As per the details provided by the company, the project’s total cost was $22 million. This included between $14-$15 million in grant funding for the project.
The grants comprise $3.8 million from the county, which included $3.1 million and $700,000 in funding through the CARES Act.
Other grants are $5.8 million from the Virginia Telecommunication Initiative (VATI), funded by the State’s Department of Housing and Community Development and $5 million from the FCC’s Connect America Fund (CAF II) auction.
The most important achievement of this development is the connectivity to the Rappahannock Tribal Center in the county.
Wilkes Communications has been serving as an Incumbent Local Exchange Carrier (ILEC) in Wilkes County, North Carolina, for multiple decades, while RiverStreet serves other counties in the State.
Wilke/RiverStreet’s fibre internet expansion in rural areas of North Carolina and Virginia is a significant development that will help people get access to high-speed internet.
The loan will provide the company with the necessary resources required to reduce the digital divide in the underserved rural communities of these States and help people there get connected with the world.
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