What amount of interest was paid by Caring Senior Service in 2024?
Caring_Senior_Service Franchise · 2025 FDDAnswer from 2025 FDD Document
es interest at 4.60%. The balance due on the loan was $6,007, $14,351, and $23,083 as of December 31, 2024, 2023, and 2022.
The Partnership received a loan from the U.S. Small Business Administration (SBA) on November 20, 2021, totaling $500,000. Terms include 360 payments due monthly in the amount of $2,575, which includes interest at 3.75%. These payments began May 23, 2024. The balance due on the loan was $500,000 as of December 31, 2024. Interest accrued on the loan as of December 31, 2024 is $37,212 ($30,900 current portion).
Notes to Financial Statements December 31, 2024, 2023, and 2022
7. Long-Term Debt (continued)
Below is the debt maturity schedule for long-term debt:
| 2025 | $ 6,750 |
|---|---|
| 2026 | - |
| 2027 | - |
| 2028 | 11,573 |
| 2029 | 12,803 |
| Thereafter | 475,624 506,750 |
| Less Current Portion | (6,750) |
| Long-Term Debt, Net of Current Portion | $ 500,000 |
8. Commitments and Obligations from Franchise Agreements
The Partnership currently franchises its concept across 18 states.
Source: Item 23 — RECEIPTS (FDD pages 53–204)
What This Means (2025 FDD)
According to Caring Senior Service's 2025 Franchise Disclosure Document, the partnership made several interest payments in 2024. The document states that Caring Senior Service accrued $37,212 in interest on a loan from the U.S. Small Business Administration (SBA) as of December 31, 2024. This SBA loan, obtained on November 20, 2021, totaled $500,000 with monthly payments of $2,575, including interest at 3.75%, which began on May 23, 2024. The balance due on this loan as of December 31, 2024, was $500,000. Of the $37,212 interest, $30,900 is the current portion.
Additionally, Caring Senior Service received a $200,000 loan from an entity owned by a partner on August 16, 2023. The loan terms include 240 monthly payments of $1,208 starting June 1, 2024, with a 4% interest rate. As of December 31, 2024, the loan balance was $196,130. The specific amount of interest paid on this related-party loan during 2024 is not explicitly stated, but can be calculated from the provided information.
Furthermore, Caring Senior Service purchased a vehicle on August 12, 2019, through a loan from Security Services Federal Credit Union for $48,223, with a 4.60% interest rate and monthly payments of $769. The loan balance as of December 31, 2024, was $6,007. The total interest paid on this vehicle loan in 2024 is not specified in the document, but could be derived from the loan details provided. A prospective franchisee should seek clarification from Caring Senior Service regarding the precise interest amounts paid on each loan during 2024 to gain a comprehensive understanding of the company's debt obligations and financial performance.