When is the note payable to the Small Business Administration due for Brain Balance?
Brain_Balance Franchise · 2025 FDDAnswer from 2025 FDD Document
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Note payable and accrued interest due to the Small | $ 142,569 | $ 146,084 | $ 153,591 |
| Business Administration at 3.75 percent interest. | |||
| Monthly interest and principal payments of $731 | |||
| began in September 2021. The note is due in | |||
| September 2050 and is secured by all assets of the | |||
| Company | |||
| Less current portion | 3,363 | 3,240 | 3,120 |
| Long-term portion | $ 139,206 | $ 142,844 | $ 150,471 |
Source: Item 23 — RECEIPTS (FDD pages 72–292)
What This Means (2025 FDD)
According to Brain Balance's 2025 Franchise Disclosure Document, the note payable to the Small Business Administration (SBA) is due in September 2050. This note carries an interest rate of 3.75 percent.
The note is being paid off through monthly installments. The monthly payments, which include both principal and interest, began in September 2021 and are set at $731 per month. The note is secured by all the assets of Brain Balance.
As of 2024, 2023, and 2022, the outstanding balances of the note payable to the Small Business Administration were $142,569, $146,084, and $153,591, respectively. The long-term portions of the debt were $139,206, $142,844, and $150,471 for the same years. The current portions, representing what's due within a year, were $3,363, $3,240, and $3,120 for 2024, 2023, and 2022, respectively.