Mill City Ventures III, Ltd. Advances $2 Million To Award-Winning Holiday Light Maze Experience
Rhea-AI Summary
Mill City Ventures III, (NASDAQ:MCVT), a non-bank lender and specialty finance company, has announced a $2 million short-term loan to Enchant Christmas, . The funding will facilitate three holiday attractions in Las Vegas, San Jose, and Seattle.
CEO Douglas Polinsky highlighted Enchant Christmas as North America's premier holiday festival, noting that it generated $54 million in revenue over a six-week period last holiday season. This loan reflects the growing demand for short-term funding that Mill City has experienced since early 2024.
Mill City continues to pursue various transaction opportunities, including adjudicated insurance settlements, asset-based loans, and real estate backed loans.
Positive
- Provided a $2 million short-term loan to Enchant Christmas,
- Enchant Christmas generated $54 million in revenue over six weeks last holiday season
- Experiencing growing demand for short-term funding since early 2024
- Pursuing diverse transaction opportunities in various sectors
Negative
- None.
News Market Reaction
On the day this news was published, MCVT declined 2.60%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
MINNEAPOLIS, MN / ACCESSWIRE / September 30, 2024 / Mill City Ventures III, Ltd. ("Mill City") (NASDAQ:MCVT), a non-bank lender and specialty finance company, announced today its funding of a
Douglas Polinsky, Mill City CEO, stated "Enchant Christmas is the premiere holiday festival in North America, and we at Mill City are thrilled to be their financing partner." Mr. Polinsky goes on to say "Last holiday season Enchant generated
The loan exemplifies the growing demand for short-term funding experienced by Mill City since the beginning of 2024. Mill City continues to pursue transaction opportunities in adjudicated insurance settlements, asset-based loans, real estate backed loans, as well as other investment opportunities.
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, the company's ability to continue growing its investment portfolio while receiving attractive returns, 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. More information about the company can be obtained at www.sec.gov or www.millcityventures3.com.
About Enchant Christmas, LLC
More information about enchant can be obtained at www.enchantchristmas.com.
Contact:
Joseph A. Geraci
Chief Financial Officer
jg@millcityventures3.com
612-868-5815
SOURCE: Mill City Ventures III Ltd.
View the original press release on accesswire.com
FAQ
What is the amount of the loan Mill City Ventures III (MCVT) provided to Enchant Christmas?
Which cities will host Enchant Christmas attractions funded by Mill City Ventures III (MCVT)?
How much revenue did Enchant Christmas generate last holiday season according to Mill City Ventures III (MCVT)?
What types of transaction opportunities is Mill City Ventures III (MCVT) pursuing?
