Jan. 28 -- PROVIDENCE, R.I. -- The Rhode Island Commerce Corporation agreed Monday night to loan $300,000 from the state's Renewable Energy Fund to an early-stage company, rTerra PV Solutions, yet that's contingent upon final review by its Access to Capital Subcommittee. But Stanley Weiss , a corporation board member and a member of the subcommittee, voiced concerns at the board's monthly meeting and said he needs more information before he'll be comfortable granting final approval of the loan. Both during the meeting and in an interview afterward, Weiss said he wants to know more about what kind of equity has already been invested in the startup company that consists of three part-time employees. During the meeting, Weiss said "they have one hedge-fund guy," and he said he wants to know if that person has invested in the venture. Afterward, Weiss referred to a "silent partner" as a "venture-capital guy" from New York . " $300,000 doesn't sound like a lot, but it is a lot," Weiss said after the meeting. "It's a third of a million dollars ... and it's our money." If the loan is eventually approved, it would be paid out of the state's Renewable Energy Fund , which is funded by a renewable energy surcharge of $0.0003 per kilowatt hour used by all electricity customers in Rhode Island . ___ (c)2014 The Providence Journal (Providence, R.I.) Visit The Providence Journal (Providence, R.I.) at www.projo.com Distributed by MCT Information Services
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