NCSC Can Help with BEAD Financing Needs; Call Today

If your telco is planning to tap funding through the Broadband, Equity, Access and Deployment (BEAD) Program, now is the time to reach out to your NCSC account manager for assistance with financing and commitment letters.

BEAD, which is administered by the National Telecommunications and Information Administration (NTIA), made $42.5 billion in grants available to expand high-speed internet access to unserved and underserved locations across the country.

Each state has been awarded a slice of this billion-dollar pie, with the amount dependent on the state’s application to NTIA and its need for funding based on the cost and number of unserved and underserved locations.

“We urge our members who are eligible for this funding to start the financial planning process as early as possible so they can be prepared when the opportunity arises,” NCSC Director of Portfolio Management Ian Flanders said.

Since the grant totals were awarded on a state-by-state basis, it’s up to each one to review applications and make the awards, so the timeline to have funding in place varies for each state.

“Every state is different, but NCSC is equipped to assist with financing no matter where you are,” Flanders said. “If approved, we can provide up to 100% of the match funding and bridge financing to the grant award. We also have flexible collateral requirements to meet state and NTIA rules.”

Common needs during the bidding process include a letter of interest or conditional commitment letter showing your company has applied for a loan to meet matching needs or a commitment letter showing a telco has been approved for a loan to meet the match requirement.

“NCSC is ready to quickly start the approval process for BEAD commitment letters and matching loans for our members. We’ve been assisting our members with this type of financial support for years. Our staff are already up to speed on the program and its requirements, so we can make the process as painless as possible,” Flanders said.

BEAD funds can be used for:

• Planning for the deployment of high-speed internet.
• Deploying or upgrading internet in unserved or underserved areas or improving service to community anchor organizations.
• Installing internet and Wi-Fi in multi-unit residential buildings.
• Adoption and digital equity programs.
• Workforce development programs and vocational training.