WASHINGTON- Senator Chuck Grassley today said that the U.S. Department of Agriculture, Office of Rural Development has awarded a $7,093,000 loan to Swisher Telephone Company in North Liberty through the Telecommunications Program.
Swisher Telephone Company will use the funds to acquire and upgrade facilities to provide service to 779 subscribers and make system improvements, including fiber-to-the-premises (FTTP) facilities.
“This loan should improve communication capabilities in the area, which can increase safety and business opportunities,” Grassley said.
According to the Department of Agriculture, the Telecommunications Program provides programs to finance rural America's telecommunications infrastructure, including loans to fund the costs of constructing, improving and acquiring facilities to provide broadband service to eligible rural communities.
Each year, thousands of local Iowa organizations, colleges and universities, individuals and state agencies apply for competitive grants and loans from the federal government. The funding is then awarded based on each local organization or individual’s ability to meet criteria set by the federal entity.