Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.9 million CARES Act Recovery Assistance grant to the Yadkin Valley Telephone Membership Corporation, Yadkinville, North Carolina, to install fiber-optic cable across Davie County. This EDA grant will be matched with $485,729 in local investment.
“President Biden is committed to ensuring that our nation’s communities and businesses have the broadband capacity they need to grow and thrive,” said Secretary of Commerce Gina Raimondo. “This EDA investment will greatly increase Davie County’s access to the internet at a time when it has the become the primary means of conducting business.”
“The Economic Development Administration is committed to helping communities across the nation implement strategies to mitigate economic hardships brought on by the coronavirus pandemic,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development. “EDA is pleased to support this local-led strategy to provide Davie County businesses with the fiber-optic network they need to connect to the global marketplace.”
“This CARES Act funding will help the Triad boost its connectivity,” said Governor Roy Cooper. “Highspeed internet is foundational to economic prosperity, and I look forward to continuing to work with our federal partners to invest in this critical infrastructure.”
“The coronavirus pandemic underscored the need of reliable, high-speed internet as schools and businesses moved completely online,” said Senator Richard Burr. “Last year, Congress passed the historic CARES Act to address some of the nation’s most pressing public health and economic challenges. As we begin to take stock of these preparedness shortfalls, I’m pleased that this funding has been prioritized to increase access to broadband across Davie County.”
“As individuals continue working and learning from home, it’s critical that every North Carolinian receives a boost in broadband capabilities,” said Senator Thom Tillis. “I was proud to support the CARES Act last year to make this grant possible and am pleased that fiber-optic cable will be installed throughout Davie County. I will continue my work to advocate for broadband access so everyone in our great state can benefit from fast, reliable internet.”
This project was made possible by the regional planning efforts led by the Piedmont Triad Regional Council, which EDA funds to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.
This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136 PDF), which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.