Mill City Ventures, a non-bank lender and specialty finance company, established a $5 million revolving credit facility that will allow the company to leverage its current loan portfolio and continue meeting demand for loans. Mill City Ventures’ management team believes the facility will also allow for future earnings increases without equity dilution.
According to an 8K filed with the SEC, Eastman Investment and Lyle A. Berman, as trustee of the Lyle A. Berman revocable trust, are the lenders for the facility.
“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,” Douglas M. Polinsky, CEO of Mill City Ventures, said.
