Mill City Funds $855,000 Short-Term Insurance Settlement
Mill City Ventures III (Nasdaq:MCVT) has announced the funding of an $855,000 settled insurance claim.
Rhea-AI Summary
Mill City Ventures III (Nasdaq:MCVT) has announced the funding of an $855,000 settled insurance claim. The related short-term note is set to mature in 120 days, offering an annualized return of 33.5%. CEO Douglas M. Polinsky highlighted the growing need for alternative financing solutions due to rising inflation and interest rates, suggesting that small- and medium-sized businesses face significant capital access challenges. Mill City's ability to create quick financing options is positioned as a growth driver.
Positive
- Successfully funded an $855,000 insurance claim.
- Anticipated annualized return of 33.5% on the short-term note.
- Identifies a growing market need for quick financing solutions.
Negative
- None.
Details
News Market Reaction – MCVT
In the trading session that priced this news, MCVT declined 19.48%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
MINNEAPOLIS, MN / ACCESSWIRE / 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
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
SOURCE: Mill City Ventures III Ltd.
View source version on accesswire.com:
https://www.accesswire.com/723590/Mill-City-Funds-855000-Short-Term-Insurance-Settlement
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