The Local Telecom Expansion Act of 2024 directs the Federal Communications Commission to create a grant program that provides funding to states for broadband deployment in underserved areas. States that receive grants must pass the money along as subgrants to small business broadband providers, which are companies that qualify as small businesses under federal law. These small business providers would use the funds to build broadband networks that meet specific speed standards: at least 25 megabits per second for downloads, 10 megabits per second for uploads, and sufficiently low latency for real-time interactive applications. The bill targets underserved areas defined as regions where only one broadband provider currently offers service at the specified speed levels. The legislation does not specify funding amounts or implementation timelines, leaving those details for the FCC to establish through program rules.