ECFiber investments reach $3 Million

At the December 11 meeting of ECFibers Governing Board, Treasurer John Roy announced that in the most recent round of financing, closing on December 3, ECFiber received $475,000 from 45 different investors. This brings the 2012 total to $1.8 million, with more than 300 mostly local investors lending $3 million since January 2011, when our innovative funding method began.
Local investors, through investments as small as $2,500 support build-out to local neighborhoods within and across member towns. No government or taxpayer monies have been used in this effort, according to ECFiber.
ECFiber estimates that by the end of 2012, ECFiber will have more than 300 subscribers connected and using the service, with triple that number by the end of 2013. The new investments will allow expansion of the ultra high-speed network into unserved areas of Chelsea, Vershire, Thetford, Norwich, Tunbridge, Strafford, Bethel, Sharon, and Woodstock.
ECFiber is committed to serving 100% of the households, businesses and civic institutions in its 23 member towns. It is extending its network in phases, pursuant to the amount of local funding it is able to raise.
At the same meeting, the Governing Board elected Irv Thomae of Norwich to replace Chairman Loredo Sola, who announced his retirement at the Boards November meeting. Sola said "ECFiber today is an emerging, expanding Vermont institution. The recent financing round again exceeded our goals and confirms the importance of building a future-proof FTTP infrastructure. Communities across the 23 ECFiber towns continue to commit to ECFiber with their investment dollars and by subscribing to ECFiber's remarkable internet service. I look back with pride on the accomplishments of the last 4 1/2 years, and look forward to ECFibers continued success under Irvs capable leadership.
Incoming Chair Thomae praised Solas tenure as Chairman, saying, Our core mission, delivering high-speed Internet connectivity to rural homes and small businesses, is essential to Vermonts future. Loredo has guided ECFiber from its beginning and leaves us with a core network, stable finances, a proven localvore funding mechanism, and cordial, productive relations with state government. Building on that foundation, I expect ECFiber to make a growing contribution to a sustainable Vermont economy.
*ECFiber is a consortium of 23 towns in East Central Vermont committed to making high quality high speed fiber-to-the-premises broadband available to every business and residence in its constituent communities. ECFiber is headquartered in Royalton.*