Washington, D.C. – Congressman Dave Loebsack today announced that the U.S. Department of Agriculture (USDA) has awarded a loan of $8,231,000 to The Preston Telephone Company. This loan was provided through the Telecom Infrastructure Loan program. This program helps private and non-profit telecommunication providers secure the necessary financing in order to maintain a seamless nationwide telecom network, which also provides access to broadband for education, healthcare, public safety and jobs. The Preston Telephone Company serves customers in Clinton and Jackson Counties.
“I fundamentally believe that it is important for all Americans, regardless of where they live, to have access to broadband internet,” said Loebsack. “That is why I am pleased that USDA has made investing in infrastructure a priority, particularly in rural areas, because that is the key to growing Iowa’s economy.”
Specifically, the funding will be used to convert the remaining portion of a legacy copper system to fiber, resulting in a 100% fiber network system wide in Preston’s two exchanges. Preston will contribute $774,000 in general funds to the project.
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