Delavan-based
Millennium, a telecommunications solutions provider, has more than doubled the cap on its Infrastructure Fund to keep up with customer demand.
The fund is raising its cap from $30 million to $75 million to meet the additional demand from broadband suppliers for construction loans and capital matches to secure grants. The Infrastructure Fund was specifically created to support the financial needs of local and regional broadband service providers in rural areas of the U.S.
"Building broadband to rural communities is about creating opportunities that many metro areas have had for years," said
James Kyle, founder and CEO of Millennium, "Health care, education, human connection, and a virtual environment are all necessary tools to support the community today, and the leaders and visionaries of tomorrow."
Previously, the Infrastructure Fund had committed $30 million to 15 grant recipients in 12 states, connecting more than 90,000 new homes and towers to fiber. The new $75 million funding cap will allow businesses to reach an additional 300,000 households in the next three years, creating opportunities for an estimated 1 million Americans in rural communities.
As the FCC compiles more accurate census maps, the requirement for broadband construction in rural areas continues to expand. The Rural Digital Opportunity Fund; the National Telecommunications and Information Administration; the Broadband Equity, Access, and Deployment Program; and several other grant programs are helping to fund these projects long-term, but there are not many funding vehicles for small businesses to finance the initial design and construction of these networks. The Millennium Infrastructure Fund increased the cap to meet the needs of those businesses depending on financing options.
Typical loan amounts range from $1 million to $5 million and are being used for construction financing and capital matches required for National Telecommunications and Information Administration and other grant programs.
Millennium, which was the focus of a March
BizTimes Milwaukee cover story, has experienced rapid growth, being recognized seven times by Inc. magazine as one of America’s fastest-growing companies. Kyle said he and his partners plan to grow it into a $1 billion company within the next seven years. The company secured a $155 million investment at the end of 2021 to help support its growth.
