Broadband Expansion Grant Initiative Act of 2004

Broadband Expansion Grant Initiative of 2004 - Authorizes the Secretary of Commerce to: (1) make grants to eligible recipients to facilitate the deployment by the private sector of broadband telecommunications networks and capabilities to underserved rural areas; and (2) guarantee loans used for such purpose.

Requires particular emphasis to be given to entities that use grant proceeds to: (1) provide underserved rural areas with access to Internet services by local telephone; (2) demonstrate models or technologies to bring broadband services to such areas; and (3) use broadband services to stimulate economic development in such areas.

Limits to $100 million the total amount of such grants.