Mill City Ventures announces record year in 2020

Rhea-AI Summary

Mill City Ventures III, Ltd. (OTCQB: MCVT) reported a remarkable increase in total investment income, surpassing 600% growth compared to 2019, marking a record year for 2020. The company, which has shifted to non-bank short-term lending, plans to apply for listing on the Nasdaq Capital Market to enhance investor access. CEO Douglas M. Polinsky highlighted the firm's success in lending against hard assets and quick funding. Annual audited financial results are expected to be filed on March 10, 2021. However, potential risks remain in the market.

Positive

• Total investment income increased by over 600% over 2019.
• Transitioned successfully to non-bank short-term lending.
• Plans to apply for Nasdaq listing to improve investor access.

Negative

• No assurance of Nasdaq listing approval.
• Risks related to demand for loans, competition, and economic conditions.

MINNEAPOLIS, Feb. 23, 2021 /PRNewswire/ -- Mill City Ventures III, Ltd. (OTCQB: MCVT), a leader in non-bank short-term lending and specialty finance, announced record-breaking financial performance in 2020. The company realized total investment income increases of more than 600% over 2019. Additionally, the company has applied for the listing of its common stock on the Nasdaq Capital Market to provide greater access to investors as the company executes on its growth strategy for 2021. No assurance can be given that the application will be approved.

"Mill City Ventures completely refashioned our business from a business development company to an aggressive non-bank short-term specialty lender. During 2020, we loaned against hard assets, insurance settlements and anticipated tax refunds," remarked Chief Executive Officer Douglas M. Polinsky. "Mill City not only realized record revenues but also record profits."

"We believe that we continue to win this lending business due to our ability to understand the needs of the borrower, and undertake due diligence and provide the necessary funding in a quick and efficient manner," said Mr. Polinsky. "The management team for Mill City continues to network and explore unique opportunities not readily available to the average investor. We offer a way to participate in the lending market through a non-conventional avenue.  We are excited about the prospects for our business."

The company intends to file its annual audited financial results on Form 10K on or about March 10.

Forward-Looking Statements
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, changes in economic conditions, regulation, and other risks.

About Mill City Ventures III, Ltd.
Founded in 2007, Mill City Ventures III, Ltd., is a specialty finance company providing short-term non-bank lending. Additional information can be found at www.sec.gov.

View original content:http://www.prnewswire.com/news-releases/mill-city-ventures-announces-record-year-in-2020-301233500.html

SOURCE Mill City Ventures III, Ltd.

FAQ

What were the financial results for Mill City Ventures in 2020?

Mill City Ventures III reported a total investment income increase of over 600% compared to 2019.

When will Mill City Ventures file its audited financial results?

The company intends to file its annual audited financial results on Form 10K on or about March 10, 2021.

What plans does Mill City Ventures have for its stock listing?

Mill City Ventures plans to apply for a listing on the Nasdaq Capital Market.

What risks does Mill City Ventures face according to the recent press release?

The company faces risks related to demand for loans, competition, economic conditions, and potential regulatory changes.