WASHINGTON D.C.: As part of the drive to expand internet access nationwide, President Joe Biden's administration has announced the availability of $401 million to enable 31,000 rural residents and businesses in 11 states to access the internet.

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

Also this week, Vice President Kamala Harris traveled to New York to announce formation of the Economic Opportunity Coalition comprising 23 companies and foundations, with the aim of investing billions of dollars into low-income communities.

The purpose of the group is to "address economic disparities and accelerate economic opportunity in communities of color and other underserved communities," the White House said, adding that the founding members of the coalition include 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.

The ReConnect Program, a fund dispersed by the U.S. Agriculture Department (USDA), will provide the $401 million in loans and grants.

The program will support high-speed internet projects throughout the nation.