MINNEAPOLIS, Aug. 16, 2021
/PRNewswire/ -- Mill City Ventures III, Ltd. ("Mill City" or
the "Company") (OTCQB: MCVT), a non-bank lender and specialty
finance company, announced today its revenue and net income for the
quarter ended June 30, 2021.
- Interest income increased 144% to $675,549 from $276,425 from the second quarter a year ago
- Earnings from operations increased 515% to $425,393 from $69,546 from the second quarter a year ago
- Shareholder equity increased 22% to $14.2M from $11.6M
from December 31, 2020
"We have seen a tremendous opportunity during the last six
months. Our ability to engage in due diligence and understand the
needs of the borrower and respond quickly resulted in the Company
growing its loan portfolio from $2.8M
to $10.9M in the first six months of
2021. The nexus of keeping cash available for loans and using our
sourcing networks has positively affected all aspects of our
business from the income statement to the balance sheet," commented
Chief Executive Officer Douglas M.
Polinsky.
"The additional opportunity to provide third party financing to
the buyers on gunbroker.com, a wholly owned subsidiary of Ammo,
Inc. (NASDAQ: POWW) has the potential to dramatically grow our loan
book in a compressed amount of time."
The Company continues to explore opportunities in real estate
bridge loans, title loans, insurance claims, litigation financing
and business acquisitions. The Company seeks
to structure the vast majority of its loan transactions by
dollar amount with short-term maturities of nine months.
Forward-looking statements in this release are made pursuant to
the "safe harbor'' provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are
subject to risks, uncertainties and other factors that could cause
actual results to differ materially from the future results
expressed or implied by the forward-looking statements, including
without limitation continued demand for short-term specialty
non-bank loans, increased levels of competition, new products or
offerings introduced by competitors, changes in the market rates of
loans, and other risks.
About Mill City Ventures III, Ltd.
Founded in 2007, Mill City Ventures III, Ltd., is a short-term
non-bank lending and specialty finance company.
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SOURCE Mill City Ventures III, Ltd.