USDA lends $40 million for rural broadband projects

USDA lends $40 million for rural broadband projects, as reported by MuniWireless:

“Investment in broadband technology will create jobs across the country and expand opportunities for millions of Americans. Broadband provides the opportunity for rural Americans to receive improved educational services, health care, and public safety. These USDA broadband loans provide rural communities the level of financial assistance required to make them full partners in the digital age and keep them competitive on a local, national and global level,” said Vilsack.

This looked like great news until we realized it was $40 million and not $40 billion. The latter number is closer to what is needed, and a fraction of what the federal government lent banks at 0.25% interest in 2009. Of course, the banks used their money to buy bonds, not fund the expansion of rural businesses and job creation.