Primary Residential Mortgage, Inc.
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In late March USDA announced it will be funding three broadband projects. The rural community projects will be in Arkansas, Iowa, and New Mexico. The announcement stated that the projects will help grow and attract businesses in these areas as well as help with healthcare and educational services.
Southwest Arkansas Telecom will receive a loan of $25 million for primarily upgrade purposes. New Mexico's Mescalero Apache Telecom will receive a loan of $5.4 million for upgrades and and to provide fiber service to 50% of its territory. Minburn Communications in Iowa was selected to receive a $4.7 million dollar loan to upgrade its network from copper to fiber and to upgrade broadband and voice services.
This is exciting news for individuals in these communities. In the news release, it was stated that they've invested in over 500 projects since 2009 with a total investment of $5.88 billion. These are the types of investments rural communities need for continued growth. These communities rely on projects like this as well as other factors such as Rural Home Loans to grow and prosper.