ECFiber Raises $5 Million by Selling Promisory Notes to Public

  • ECFiber
ROYALTON, VT – The East Central Vermont Community Fiber Optic Network (ECFiber) announced that it raised $270,000 of capital at its April sale of promissory notes. In less than three and a half years, using its unique method of raising capital through private placement of small Promissory Notes sold mostly to local residents of its 24-town community, ECFiber has now raised $5 million from 370 investors. “It’s been a delight working with so many folks who really believe in what we’re doing,” said Roy. “Sixty of these investors have made multiple purchases of our notes.” ECFiber is planning additional investment closings in June and September.

Unorthodox Fundraising Method Wins Over Community
Since the beginning of 2011 ECFiber has grown from an idea with no funding to a network of over 150 miles with close to 700 installed subscribers and growing daily. By year end the network will extend over 200 miles with over 1,000 installed subscribers. And in 2015, with additional assistance from the Vermont Telecom Authority the network could reach 19 of the 24 member towns and extend over 275 miles.

ECFiber is a consortium of 24 towns in East-Central Vermont. Step by step, it is building a community-owned fiber-optic network to deliver high-speed Internet to every home, business and civic institution in its territory.

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