MINNEAPOLIS, Minn., November 3, 2022 – Mill City Ventures III, Ltd. (“Mill City” or the “Company”) (Nasdaq: MCVT) announced today its funding of a settled insurance claim in the amount of $855,000. The related short-term note is expected to mature in 120 days and involve an annualized return of 33.5%.
Mill City Chief Executive Officer, Douglas M. Polinsky, said, “This latest closing is one more example of our ability to profitably service a growing need in the financing markets. With rising inflation and rapidly rising interest rates, borrowers are facing an increasing number of hurdles to clear in their efforts to access capital on a short-term basis. There continues to be a large funding gap between the needs of small- and medium-sized businesses and the institution-based financing available to them. Our ability to quickly create financing solutions for a variety of needs is proving to be a significant growth engine for Mill City Ventures.”
About Mill City
Founded in 2007, Mill City is a short-term non-bank lending and specialty finance company. Additional information can be found at www.sec.gov.
Forward-Looking Statements and Safe Harbor Notice
All statements other than statements of historical facts included in this press release are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements include our expectations and those statements that use forward-looking words such as "projected," "expect," "possibility" and "anticipate." The achievement or success of the matters covered by such forward-looking statements involve significant risks, uncertainties and assumptions. Actual results could differ materially from current projections or implied results. Investors should carefully read the risk factors set forth in the Company's prospectus contained within the Form S-1 filed with the SEC on April 26, 2022, as amended, subsequent filings and future periodic reports filed with the SEC. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements.
The Company cautions that statements and assumptions made in this press release constitute forward-looking statements and make no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. The information set forth herein speaks only as of the date hereof. The Company and its management undertake no obligation to revise these statements following the date of this news release, other than as required by law.
Contact:
Joseph A. Geraci, CFO
952-479-1920
Investor Contact:
TraDigital IR
John McNamara
917-658-2602
john@tradigitalir.com