The next phase of ECFiber’s broadband deployment received a sizable boost when local investors connected to its 23 town service territory purchased $430,000 of its 2013 Series tax-exempt promissory notes. This new investment will finance extension of the community-based nonprofit’s existing fiber-optic network by as much as 20 miles and will serve an estimated 100 or more households and businesses which currently do not have high-speed broadband access.
ECFiber Treasurer John Roy of Vershire announced results at the groups Governing Board meeting on May 14 noting that the total raised now exceeds $3.5 million from over 300 individual investors. ECFiber currently has about 330 subscribers along its existing 50 miles of network in Barnard, Royalton, Tunbridge, and Vershire. Within the next few months, it expects to connect customers in Chelsea, Thetford, Strafford, Norwich, and Sharon. The next routes to be built are now under design.
ECFiber, based in Royalton, is a consortium of 23 municipalities in east-central Vermont building a community-owned fiber-optic network to deliver reliable high-speed broadband Internet connectivity to every home, business, and civic institution throughout its territory. The number of subscribers is expected to double as the funds raised in 2012 are spent during this construction season.
Source: ECFiber. 5.17.2013
ECFiber raises another $430,000, plans next phase of expansion
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