MINNEAPOLIS, MN / ACCESSWIRE / March 10, 2023 / Mill City Ventures III, Ltd. ("Mill City" or the "Company") (NASDAQ:MCVT) announced today it has completed the financing of a $1.2 million loan. The related short-term promissory note matures in 120 days and is expected to generate a 33.6% annualized return. The short-term note is secured by assets related to the borrower's finance business.
Mill City Chief Executive Officer, Douglas M. Polinsky, said, "This latest loan was made to another longtime customer of Mill City's with a robust finance related business. We've worked with this customer a number of times in the past and we're very happy with the structure of this lending solution. We believe it will generate favorable terms for Mill City and meets the short-term needs of our customer."
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
SOURCE: Mill City Ventures III Ltd.
View source version on accesswire.com:https://www.accesswire.com/743047/Mill-City-Ventures-Makes-12-Million-Short-Term-Loan
