Greenfield Commercial Credit (Canada) Inc. is pleased to announce that after only 7 months of full operations as a specialty finance company, it has succeeded in posting a net annual profit even though it carried 12 months of expenses.
Greenfield is a specialty finance company, providing asset-based revolver loans (working capital lines of credit) and recourse factoring lines of credit from US$200,000 to US$5.0 million to growth oriented small cap businesses.
The financial statements being released reflect the results of operations for 12 months ended December 31, 2003. Gross Revenue from operations was US$969,203, which generated Net Interest Income of US$799,340. Operating expenses during the same period totaled US$705,064. Net Income, after establishing provisions for loan losses, totaled US$1,276.
