How much interest was paid by Caring Senior Service in 2024?
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 $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.
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, which operates the Caring Senior Service franchise system, had two loans outstanding during 2024. The first loan was for a vehicle purchased on August 12, 2019, with a balance of $6,007 as of December 31, 2024. The terms include 72 monthly payments at an interest rate of 4.60%.
The second loan was from the U.S. Small Business Administration (SBA) obtained on November 20, 2021, totaling $500,000. The terms include 360 monthly payments at an interest rate of 3.75%, which began on May 23, 2024. Interest accrued on this loan as of December 31, 2024, was $37,212, with $30,900 considered the current portion.
Additionally, the Partnership received a $200,000 loan from an entity owned by a partner on August 16, 2023. This loan bears interest at 4%, with 240 monthly payments of $1,208 starting June 1, 2024. The balance of this loan as of December 31, 2024, was $196,130. The FDD does not explicitly state the total interest paid in 2024 across all loans, but it does specify that $37,212 in interest had accrued on the SBA loan as of December 31, 2024.