Wireless Internet provider RedZone Wireless announced Thursday it closed on a $4 million loan from Camden National Bank to help with startup costs.
The Finance Authority of Maine in March agreed to guarantee the loan, which means taxpayer funds would be used to repay up to 90 percent if the company defaults.
RedZone, which began a move from Rockland to Camden in January, has said it plans to reach more than 90 percent of the state’s population with 4G LTE wireless broadband service, getting to 25 percent within a year.
With the move, RedZone applied for and received other state incentives under the Pine Tree Development Zone program, allowing the company to recover 80 percent of the payroll taxes that would be paid on income for new employees and qualify for other tax reductions.
FAME said it found the RedZone loan will help create or retain 18 jobs in the near future.