Press Release: Mill City Ventures III, Ltd. Reports Record Second Quarter 2021 Results
Mill City Ventures III, Ltd. Reports Record Second Quarter 2021 Results
PR Newswire
MINNEAPOLIS, Aug. 16, 2021
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.
/CONTACT: Joseph A. Geraci, CFO, 952-479-1920
(END) Dow Jones Newswires
August 16, 2021 07:44 ET (11:44 GMT)