President Joe Biden’s administration said on Thursday that it would spend $401 million to give high-speed internet connection to 31,000 rural individuals and companies in 11 states, as part of Biden’s effort to broaden internet access.

“With this money we are one step closer to President Biden’s ambitious goal of affordable and reliable internet for all,” said Mitch Landrieu, Biden’s infrastructure coordinator.

Simultaneously, Vice President Kamala Harris will visit New York on Thursday to announce the launch of the Economic Opportunity Coalition, a group of 23 corporations and nonprofits committed to spending billions of dollars in low-income neighborhoods.

The group’s goal, according to the White House, would be to “address economic disparities and accelerate economic opportunity in communities of color and other underserved communities.”

Ariel Investments, Bank of America, BNY Mellon, Capital One, Citi, Discover, Ford Foundation, Goldman Sachs, Google, Key Bank, Kresge Foundation, Mastercard, McDonald’s, McKinsey & Company, Micron, Momentus Capital, Moody’s, Netflix, PayPal, PNC, The Rockefeller Foundation, TIAA, and Upstart are among the coalition’s founding members, according to the White House.

The $401 million in loans and grants comes from the ReConnect Program, a fund administered by the United States Department of Agriculture. According to the USDA, it will fund high-speed internet projects in Alaska, Arizona, Arkansas, California, Colorado, Idaho, Montana, New Mexico, Nevada, North Dakota, and Texas.

Source: Reuters

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