9.    Related Party Transactions

In the ordinary course of business, the Company may originate, fund, manage and service loans to shareholders. The underwriting process on these loans is consistent with Company policy. The terms of such loans, including the interest rate, income, origination fees and other closing costs are the same as those applicable to loans made to unrelated third parties in the portfolio. As of June 30, 2020, and 2019, loans to known shareholders totaled $6,141,356 and $4,575,902, respectively, and interest income earned on these loans totaled $344,384.99 and $225,024, respectively.

For each of the six-month periods ended June 30, 2020 and 2019, the wife of the Company’s chief executive officer was paid $50,000 for accounting and financial reporting services provided to the Company.