What is the interest rate on the Dryject line of credit with WSFS Bank?
Dryject Franchise · 2025 FDDAnswer from 2025 FDD Document
ments with an original maturity of three months or less to be cash equivalents. For the year ended December 31, the amounts paid for income taxes and interest were as follows:
| Interest | $ | 58,812 | $ | 46,681 |
|---|---|---|---|---|
| Income taxes | $ | - | $ |
- Note 6 Line of Credit The Company and DryJect Inc. Acquisition Corporation have a $500,000 revolving line of credit with Wilmington Savings Fund Society (Bank), with interest at 2% over prime, of which $120,141 was outstanding as of December 31, 2023 and $134,525 was outstanding as of December 31, 2022. The line of credit, for the first three years will be a revolving line of credit. As of August 2026, the outstanding
Source: Item 8 — BUSINESS RELATIONSHIP (FDD pages 68–229)
What This Means (2025 FDD)
According to Dryject's 2025 Franchise Disclosure Document, the company and DryJect Inc. Acquisition Corporation have a $500,000 revolving line of credit with Wilmington Savings Fund Society (Bank), with interest accruing at 2% over the prime rate. As of December 31, 2023, the outstanding balance on this line of credit was $120,141, and as of December 31, 2022, it was $134,525.
This line of credit is structured to be a revolving line for the first three years. Starting in August 2026, the outstanding balance will be converted into a term loan with monthly payments covering both principal and interest. The line of credit is scheduled to fully expire in August 2033.
It is important to note that the line of credit balance is recorded on the books of DryJect Inc. Acquisition Corporation because the funds are directly deposited into that corporation and used for its expenses. This arrangement suggests that Dryject franchisees may not directly access this line of credit, as it appears to be primarily for the use of DryJect Inc. Acquisition Corporation.