What was the amount of the Scotiabank VISA card debt that Coffee News obtained in response to Covid-19?
Coffee_News Franchise · 2025 FDDAnswer from 2025 FDD Document
sors who have not made significant progress in developing the areas or who choose to focus on other countries. Repurchased franchise rights are recorded at cost when repurchased and are expensed as licenses are sold.
2. Borrowing and Leasing
Short-term debt consisted of $60,000 Scotiabank VISA card issued in r
Source: Item 23 — Receipts (FDD pages 36–118)
What This Means (2025 FDD)
According to the 2025 Coffee News Franchise Disclosure Document, Coffee News obtained a $60,000 Scotiabank VISA card in response to Covid-19. The document states that if the debt was repaid within one year of issuance, only $40,000 would need to be repaid, with the remaining $20,000 being forgiven.
The debt was indeed paid before the deadline of December 31, 2023. As a result, $20,000 was reported as non-operating income for Coffee News.
This information is relevant to potential franchisees as it provides insight into how Coffee News managed its finances during the Covid-19 pandemic. It shows that Coffee News took measures to secure funding and was able to manage its debt effectively, which could be seen as a positive sign of financial stability.