Did Best Brains make any principal repayments on its SBA loan in 2023?
Best_Brains Franchise · 2025 FDDAnswer from 2025 FDD Document
ventory consisting of books and materials has been stated at lower of cost (first-in first- out method) or net realizable value.
NOTE 7- EXPENDITURE/ INCOME IN FOREIGN CURRENCY
Payments received from BB Canada Inc for materials sent to them converted into USD amounted to $180,
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2025 FDD)
According to Best Brains' 2025 Franchise Disclosure Document, Best Brains received an SBA loan of $150,000 on May 18, 2020, as part of a coronavirus relief package. The loan's interest rate is 3.75% per annum.
The FDD states that Best Brains paid $8,041 in interest on the SBA loan during 2023. Critically, the document specifies that Best Brains made no principal repayments on this loan during 2023.
This information is relevant to potential franchisees as it provides insight into Best Brains' financial obligations and how they manage their debt. Understanding the terms of the SBA loan, including the interest rate and repayment schedule, can help franchisees assess the financial stability of Best Brains.