PR Newswire | Jan 19, 2022 09:15AM EST

01/19 08:15 CST

Mill City Ventures secures $5M revolving credit facility MINNEAPOLIS, Jan. 19, 2022

MINNEAPOLIS, Jan. 19, 2022 /PRNewswire/ -- Mill City Ventures III, Ltd. (OTCBB: MCVT), a non-bank lender and specialty finance company, announced today the establishment of a revolving credit facility in the initial amount of $5 million. The facility will allow Mill City Ventures to leverage its current loan portfolio and continue meeting demand for loans. Management believes the facility will also allow for future earnings increases without equity dilution.

"We are so pleased to have the line of credit with one of our well respected board members who has not only been an invaluable resource for our board but now as a resource for the expansion of our loan book," said Mill City Ventures' Chief Executive Officer Douglas M. Polinsky.

Specific terms of the loan were disclosed publicly in a current report filed with the SEC.

Forward-Looking StatementsForward-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 specialty finance company providing short-term non-bank lending. Additional information can be found at www.sec.gov.

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SOURCE Mill City Ventures III, Ltd.