B4RN breaks the £3 million mark for its Triodos crowdfunding
The crowdfunding with Triodos Bank for the Broadband for the Rural North (B4RN) FTTP community network has hit the £3,002,768 mark breaking its aim of £3 million with still another 56 days to run.
The crowdfunding was just shy of the £2 million mark back on 20th May and hitting the target should mean that planning and work can commence on work to quadruple the network to 20,000 premises in the next couple years (i.e. for 2023).
The impact of B4RN arriving in an area can be seen in the article Triodos has published celebrating the passing of the £3 million mark.
The crowdfunding carries a 7 year term with 4.5% interest per year but as this is an investment we have to remind everyone that payment of interest and return of capital is not guaranteed and is dependent on the continued success of Broadband for the Rural North's business model.
For those not aware of the scale of the B4RN network the postcodes where we believe service is available are shown on our broadband maps. The footprint passes some 9,588 premises and in conjunction with what we understand is 6,000 live customers this gives an unpredented take-up rate of 62.6%, a big reason for the high take-up is going to areas where existing broadband options are very slow and with the high levels of community engagement people are invariably keen to get connected as soon as possible.