Universal Broadband Fund
Highlights
This program is designed for businesses like yours in rural and remote communities. It offers up to $750 million for large, high-impact projects and up to $50 million for mobile Internet projects benefiting Indigenous peoples. The goal is to bring high-speed Internet at speeds of 50/10 Mbps to underserved areas, helping your business thrive in the digital economy.
Why should you apply?
- Access to significant funding: This program provides substantial financial support, which can be crucial for expanding your business's digital capabilities.
- Improved connectivity: High-speed Internet will enable better telework, online medicine, and distance learning, enhancing your business operations and community engagement.
- Rapid Response Stream: For projects that can be completed quickly, ensuring you can start benefiting as soon as possible.
What's in it for you?
- Government-backed financing: This reduces financial risk and offers more favorable terms compared to other loans.
- Enhanced business operations: Reliable high-speed Internet can lead to increased efficiency, better customer service, and new growth opportunities.
- Community benefits: Improved connectivity supports not just your business but the entire community, fostering a stronger local economy.
Applying is straightforward, and the program is tailored to meet the needs of businesses in rural and remote areas. This is a unique opportunity to secure the resources needed to elevate your business and community.
Financing Details
Type of Financing:
Grant: The program offers grants to cover up to 90% of project costs for broadband infrastructure projects.
Repayment Terms and Interest Rates:
- Repayment Term: Projects must be completed by March 31, 2027.
- Interest Rates: No repayment details provided, as it is a grant and not a loan.
Eligible Expenses:
- Broadband Infrastructure: Covers costs for projects that bring high-speed Internet at 50/10 Megabits per second to rural and remote communities.
Ineligible Expenses:
- Not Specified: No specific details on expenses that are ineligible for funding.
Fees:
- No Fees: No fees mentioned as it is a grant program and not a loan.
Qualifications
- Must be able to design, build, and run broadband infrastructure.
- Must identify who will build, own, and operate the broadband network.
- Projects must target areas without 50/10 Mbps coverage, as identified on the National Broadband Internet Availability Map.
- Projects can include mobile Internet projects that primarily benefit Indigenous peoples, including along highways and roads where mobile connectivity is lacking.
Projects must aim to bring high-speed Internet at 50/10 Mbps to rural and remote communities.
- Disqualifications:
- Individuals.
- Federal entities.
Description
This program offers your business a chance to receive funding to improve high-speed Internet access in rural and remote areas. You can get up to $750 million for large, impactful projects that will bring faster Internet speeds to underserved communities. There is also up to $50 million available for mobile Internet projects that benefit Indigenous peoples, especially along highways and roads where connectivity is lacking.
The funding can be used for a variety of purposes, including building new broadband infrastructure or upgrading existing networks to meet the target speeds of 50 Megabits per second (Mbps) for downloads and 10 Mbps for uploads. This can help your business expand its reach, improve operations, and better serve your customers in these areas.
There is no payback period for this funding, as it is a grant, not a loan. This means you do not have to worry about repaying the money, allowing you to focus on completing your project and enhancing Internet connectivity for rural and remote communities.
Program Steps
Gather Required Documentation:
- Business plan
- Financial statements (last two years)
- Project proposal detailing the scope and impact
- Proof of business registration
- Identification documents for business owners
Visit the Application Portal:
- Go to the official Universal Broadband Fund application page.
Create an Account:
- Register for an account on the application portal if you do not already have one.
Complete the Online Application Form:
- Fill out all required fields in the application form, including business details, project description, and financial information.
Upload Documentation:
- Upload the gathered documentation to the application portal as per the instructions.
Review and Submit:
- Carefully review all entered information and uploaded documents.
- Submit the completed application through the portal.
Confirmation and Tracking:
- Receive a confirmation email with a tracking number for your application.
- Use this tracking number to monitor the status of your application.
Respond to Follow-Up Requests:
- Be prepared to provide additional information or clarification if requested by the program administrators.
Await Decision:
- Wait for the application review process to be completed.
- You will be notified of the decision via email.
Finalize Agreement:
- If approved, review and sign the funding agreement.
- Follow any further instructions provided to receive the funds.
