How much interest was paid by Caring Senior Service in 2022?
Caring_Senior_Service Franchise · 2025 FDDAnswer from 2025 FDD Document
usiness. In the opinion of management, there is no such litigation for the Partnership at this time.
7. Long-Term Debt
The Partnership purchased a vehicle for business use by Caring Senior Service on August 12, 2019. The vehicle was purchased through a loan from Security Services Federal Credit Union for $48,223. Terms include 72 payments due monthly in the amount of $769, which includes 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
Source: Item 23 — RECEIPTS (FDD pages 53–204)
What This Means (2025 FDD)
Based on the 2025 Franchise Disclosure Document, Caring Senior Service had two loans outstanding in 2022: a vehicle loan and an SBA loan. The vehicle was purchased on August 12, 2019, with a loan of $48,223 from Security Services Federal Credit Union. The terms included 72 monthly payments of $769, encompassing interest at 4.60%. As of December 31, 2022, the remaining balance on this vehicle loan was $23,083.
Caring Senior Service also received a $500,000 loan from the U.S. Small Business Administration (SBA) on November 20, 2021. This loan had terms of 360 monthly payments of $2,575, including interest at 3.75%, with payments starting on May 23, 2024. The balance due on the SBA loan as of December 31, 2024, was $500,000, with accrued interest of $37,212 ($30,900 current portion).
The excerpt does not explicitly state the amount of interest paid in 2022 for either loan. A prospective franchisee should request this information from Caring Senior Service to fully understand the debt obligations and interest expenses incurred during that year.